A the close on Wednesday we have the following trend directions:
Daily Trend = Down
60-Minute Trend = Down
5-minute Trend = Consolidation
On Wednesday, Nasdaq opened with a large gap-down and then trend down to 2600 support zone before consolidating the rest of the day. If consolidation is complete it should trend down again on Thursday, next support is 2550.
Key Level For Thursday is 2610
-- Above 2610 implies it is still in a consolidation / pullback mode, with resistances at 2630 and 2640.
-- Below 2610 implies consolidation may have ended and the next down-leg is in progress. However, it needs a clear and sustained break below Wednesday low to trigger another round of liquidation decline.
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