Nasdaq Composite

The Nasdaq rose less than the Dow and retracement is near above 50%. The rise is a-b-c and the wave b low is broken so it is corrective. So have we resumed the crash. Yes we could have in wave 3 unless the drop is an x wave in a more complex wave 2. 61.8% of the a-b-c rise is at 7180 so if we break that the odds of a right shoulder will diminish and we are back in crash mode in wave 3 down to new lows. Else this is an x wave and we should see a more complex wave 2 develop in the coming weeks with another a-b-c advance. I will give it a day to confirm as momentum indicators take time to turn. The last alternate is that the fall is minor wave i and not x and any bounce will only be wave ii of 3.