Nasdaq Breaks down From Ending Diagonal confirming bearish trend

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An ending diagonal occurs in wave 5 of a rising market and marks the last and final push higher. So the Nasdaq closing below the lower line of the wedge yesterday was an important market signal of a breakdown in trend from an Elliott Wave perspective. It means we could be in a correction that could last for weeks. The S&P 500 also sports an ED that should follow and break as well.

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