While US stocks tumbled sharply initially overnight, the late rebound in NASDAQ was rather impressive. It drew support from just above 61.8% retracement of 12397.05 to 14211.57 at 13090.19 and rebounded, closing down just -0.09%. There is prospect of building a base at current levels.
Overall, current fall from 14211.57 is seen as the third leg of the consolidation pattern from 14175.11. Sustained break of 55 H EMA (now at 13607.86) will argue that the leg has completed and bring retest of 14211.57 high. Though, another fall through 13090.19 will bring deeper fall to 12397.05 key support.
