Nasdaq opened on a wave 3 gap-up and then trend-up all day on Tuesday, closing at the day high, and in wave 5 up on the 5-minute chart from December 14 low.
Once wave 5 up has ended, it should then reverse and retrace the entire 5-wave rally.
Key price level on Wednesday is 2705.
-- A clear decline below 2705 implies W5 has ended and a retracement/consolidation is in progress, with supports levels at 2655, 2640.
-- Above 2705 implies W5 is in progress with the next resistance at 2740 and 2775.
