Nasdaq Composite

The Nasdaq Composite [3229] has formed an ending structure. The near term momentum indicators for US indices rolled over to the sell side though we can still argue for a final small wave v up in the Dow. The Nasdaq however completed this structure which was earlier visible on the S&P but broken on the upside. The existence of this pattern at the end of a 10 year advance in parallel lines makes it ominous of a final topping process [second chart below].