Nasdaq Composite

The Nasdaq's one year Long trading range maybe interpreted as a triangle but not a symmetrical triangle as is common but the more complex diamond. This is why the moves were probably confusing. The the most recent rally from point E was a 5 wave rise in a 5th wave. So the only question is whether wave 5 circle is truncated and ended here or will it subdivide into another 5. Even if it subdivides we get a wave 2 of 5 dip from here. At the recent highs sentiment was elevated to a level higher than that seen a year ago so we must pay attention to this top near term. It if galls below the point E, then the 5th wave mostly truncated as a double top. Rare but possible.