Nasdaq 100

The Nasdaq 100 lost over 1.5% yesterday and that is a big move in the context of the small moves that we are getting used to everyday. Closing below the 20dma the rise from Sept is 5 waves. It is also the 5th wave at larger degree. I wrote earlier that prices would attempt to go to the upper channel line. However we have not touched the upper line. After a running triangle in wave 4 you get strong rallies but touching the upper line is not a certainty. Still it cannot be fully ruled out till we can rule out that wave 5 will extend. Can the move so far be wave I of 5 of a larger move up? It is possible. A break of the 6228, 40dema, maybe a first indication that wave 5 is not extending anymore. The lower end of the larger channel is at 6140 below which we have a long term trend reversal on hand.