Nasdaq should target all-time highs - Buy

The index is now trading in wave (v) of 3, which could end around 16,300/16,500. This will be followed by another correction and rally to end the move, taking the index easily above the all-time highs of 16764.86. The break out of the consolidation phase that was contained by parallel lines and can be seen in both charts was the signal that the uptrend resumed.