Nasdaq Rising Wedge Breakdown

As you can see the Nasdaq has been in an uptrend that’s been the support of a rising wedge since May 19th. On August 10th it broke to the downside and quickly retested what is now the support that is now acting as resistance. In doing so it has created a 200 point range that might bring it down to the 161 Fib level. If it were to break that, look for it to continue to fall down into the purple area of consolidation that it got caught up in on April 16th to 21st.