NASDAQ summer consolidation ended

INDEX:IUXX   Nasdaq 100 Index
700 2 3
As NASDAQ is already trading close to the strong resistant level, the Summer bottom, probably we are close to the reversal point. Last two years repeating pattern supports that assumption with regard to the timing - last two rallies started at the end of the year. Still there is a lot of uncertainty on the markets considering unclear Fiscal cliff             issue and more downside is possible.