The Nasdaq Composite has retraced much more than the Dow. Will it make a new high. While anything is possible in the market, after the most synchronised decline in world markets, and many of them looking like a clear 5 wave decline as is the case with the Nasdaq, the bounce back while steep should still not see a new high logically. Deep retracements in wave 2/B are normal and if so then the minor wave ii high can often work as the final touch point for a trend reversal. 7453 on the Nasdaq is where wave ii of 1 was. It is a inch away, So we may not be very far from where the US indices will suddenly reverse course and start a 3rd wave decline. I can only say that I wish our own market does the same as the risk reward then for the Sell trade becomes extremely attractive. This appears to be the case for US indices now. The first sign of weakness here should be taken seriously, it is a great trade off for shorting US markets now.