Nasdaq

The NASDAQ composite broke the neckline of a head and shoulders pattern. Only added noted that we are in wave 2 of 3 down. With this decline wave 2 just got deeper, beyond the lower band, going towards key retracement levels. c=a is near 12,500 which is also the 50% retracement mark. And the head and shoulders pattern points towards slightly below 12,100 which is the 61.8% retracement mark. The a-b-c decline should be a zigzag pattern and get followed by wave 3 of 3 up towards once complete.