Nasdaq Composite

Nasdaq composite [3445] - came very close to its long term retracement level of 61.8%. Every rally over the last few years overlaps and appears like a series of A-B-C so with a trendline around it, you have a rising wedge which is a bearish pattern. The final leg went above the upper line in a throw-over or false breakout. Failure to sustain above 3500 will have longer term bearish implications. The lower line of the wedge formation is at 3150.