Nasdaq 100: Bearish Gartley Pattern Hints at Downward Potential

The Nasdaq 100 index has entered a technical correction since mid-April, falling more than 6% from its record high. The index formed a bearish Gartley pattern as highlighted in the chart above, suggesting that further downside potential is likely.
The Gartley pattern is a classic harmonic chart pattern, based on Fibonacci numbers and ratios.