NASDAQ, another leg down or a a lower high?

NASDAQ / 1D

Hello traders, welcome back to another market breakdown.

In the last idea on the Nasdaq, I spoke about a potential of a deep pull back from the wedge. Bulls had that and now the market is either pulling back or having another leg lower.

What bears are looking at?
Bears are taking over by having 3 consecutive weekly bear bars closing near their highs which suggests more down side to see.
Bears want another leg down to meet their target from a measured move based on the breakout point. Yet, it's unlikly for the market to go much lower then that. The reason is bulls were making money buying bellow each low and bears know that so it attracts profit taking from the perpective of bears.

What bulls are looking at?
Bulls see a good monthly buy signal bar closing at its high, they want for the drop to be a pull back resulting in a second leg up.
The market is trading in a very intersting spot: Around 50% pull back, testing the last breakout point from the perspective of bulls, and a break of the trend line. The market had a strong move up from June, so there should be a second leg up after this pullback. At the same time, the pullback is strong enough that it should have its own second leg first.

Comment in bellow which argumets you find high probabilistic: bear or bull?
Trade safe,
Trader Leo.