The Nasdaq also carried on with its bearish decline which is dominated by the big four monsters called the” FANG” stocks. FB is the worst and leading the way while FB, and GOOG may have completed their tops. AMZN is one stock that is still hanging on for dear life.
The Nasdaq is also on a different wave count, so out of the 5 I cover I have two wave counts that are dramatically different. In the end it may mean the difference of a few weeks when all indices start to bottom. I have two downside breakout lines drawn out and each one can provide temporary support, but ultimately will not hold if the bigger bearish picture has taken hold. Total retracement below the 6200 price level would be required, but in a Cycle degree correction any bearish move will crush the markets. The majority will call it a bear market, but from a Cycle degree perspective, it’s just a correction, a “Big” correction.
Any market that has corrected in the past, has always seen the markets push higher once the bull market resumes.
Ultimately the Nasdaq could fall below the 2011 lows, which is around the 2000 point level.