CLIFF NOTES: we have been in an amazing trend for the past 5 years and now we have a very nice BUY pattern appearing on the NASDAQ. As we all know, the trend is your friend till it ends so .. if BULLISH then the 3977-3995 level should hold for another leg up. If you are BEARISH then the first sign of a continued correction is when a pattern fails . Today (5/7) the thrust into this level is pretty strong so we’ll have to wait and see what support brings or not. Watch this level closely. A daily close below this level warns of a deeper correction at hand. Strong, momentum driven buying in here says we should go up.
PATTERNS ARE GREAT BECAUSE THEY LET YOU KNOW WHERE YOU ARE WRONG!
