The Nasdaq here on the 4hour timeframe is seemingly in the Elliott Wave Theory Impulse phase ( Motive ). We can see a clear 1-2-3 sequence we are expecting a 4-5 to validate the impulse pattern. Wave (4) has multiple scenarios although the main direction is the upside to complete the fifth wave, one scenario being we will still see a drop to touch the base channel and the 76.8 Fibonacci retracement level.