NASDAQ has been correcting sharply for the last few days. Let us look at the long term charts of NASDAQ. If we apply the Fibonacci extension of the fall from 2000 to 2002 and extend it we will observe that we are at the 261.8% extension of the fall.
This is a very critical juncture. Expect more volatility around this region. See what happened when we reached the 161.8% zone. For many months we consolidated around the zone before breaking out. It is possible we spend some time around this zone with increased volatility before deciding the next direction.