NASDAQ - Failed Ascending Triangle - Bearish Reversal In Play

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What I see is a failed breakout of an ascending triangle (not a bullish pennant). The NASDAQ tried for a week to get back up there and hold, but no dice. Thus, it becomes a bearish reversal pattern that typically signifies a top. Short of some more irrational FOMO (I am not completely discounting this), I think the NASDAQ is headed for a sizable correction. The other thing that leads me to believe this is the large gap up that was not filled and large indices like the NASDAQ always seem to fill gaps. See notes on chart.

Watch and see what it does when it reaches the center of the regression channel (break up or down). Also watch those thin black trend lines I drew.


Hope it helps and good luck.