So longer-term the charts look like a topping pattern is in progress -click here for NDX LONG term - previous post
Looking at the daily chart - looks like what could be called and ENDING DIAGONAL in progress.
More information here: https://elliottwave-forecast.com/elliottwave/elliott-wave-theory-ending-diagonal/
IDEALLY - a new high (overthrow of upper trend line) and then a sharp fall
DAILY closer up
can see the bounces off the lower rising trend line
clear wedge forming
1 If it breaks down from here - there could be a sharp move down
2 if it rallies - could test the upper trend line and break temporarily higher..
On the 2 hour chart - we can see we the level closer; a break down below the trend line and likely quick fall and possibly a larger fall to finally correct the rally from 2008
