Nasdaq 100

Nasdaq dipped and closed below the 20dma. In doing so all the moves from June are overlapped and wave 5 could be marked as an ending diagonal pattern in wave 5 where 5=1 has been achieved already. The 7411 level is the 40dema and the lower line of the wedge, a close below 7411 should break the pattern for a bearish sell off. Key level to watch today.