The Nasdaq Composite Index seems to be in what would be called a triangle or wedge formation.

The “theory” around these formations is that it is a consolidating pattern that develops after the market has moved in one direction. During this period the market catches it’s breath.

The buy signal happens when the price moves outside the upper line of the triangle. The sell signal happens when it crosses the lower line. And the “theory” says that the price movement will continue for a while in the direction of the signal.

This formation in the NASDAQ Composite Index could be interpreted as an Ascending Triangle or Rising Wedge. The problem with this is that the Ascending Triangle is mostly thought of as a bullish formation, and the Rising Wedge a bearish signal. TA is open for human interpretation, which is bad.

The difference between an Ascending Triangle and a Rising Wedge is that the AT has a completely flat top line, where the RW has a slightly upwards pointing top line. From the image you see that each top inside the triangle is slightly (just a few points) over the previous top. And this would categorize it as a Rising Wedge (bearish) formation if one was strict.

I do not like to bet, but if I had to bet I would bet it would go up (and beyond).
The mandatory bottom line on all these TA posts: The serious long term investor do not need Technical Analysis.