The Nasdaq 100 has broken its uptrend, but has not, however, developed any real new downtrend. For this, there were too many buyers at the 20 location point line from the monthly chart. On the upper side, however, the price failed at the 20 LP from the daily chart. The situation remains unclear in this trend size, especially considering that the price rebounded upwards off the 20 LP from the monthly chart again this week.
There is a valid downtrend in the daily chart; the last correction zone runs between 4496 points and 4628 points. The ongoing movement towards a continuation of the downtrend was interrupted once more in the region of the 20 LP from the monthly chart, and the index went back into the correction. As soon as reversal signals can be detected, the chances of a continuation of the downtrend will rise.
Up until now, the uptrend has been able to maintain itself in this trend size. Currently, it seems to be tending towards continuing the trend. Nonetheless, one should take into consideration the fact that it only represents a correction in the primary trend.
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