Chart of the day

NASDAQ reached the 18700 level which could also be a fifth-wave peak of a short-term five-wave cycle and a long-term five-wave cycle. Now it is breaking below the rising wedge 18200 and is reaching almost support of 16200 which is the target for the short trades

A break below 16300 is now required for a deeper pullback to the 15000 level which is an ultimate upside support. A confirmed break above 18800 will lead to an extension higher in the fifth wave to 20000.

_{Look for the short trade entries with a stop loss above 17800. Long trades you can take in the case of a confirmed price action break above 18200.}

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