Below is a Daily chart of the same Nasdaq 100 previously shown in the Weekly chart:
Noteworthy is the trend line coming down from the Wave 2 Top in August, 2008. This stopped the Wave 4 rally cold last week at about 1362. It is a powerful resistance line and prices should not exceed it if the analysis on the chart of a Wave 4 turning into Wave 5 is correct. "Exceed" means moves above and stay's above the line.
The Nasdaq is set to open up higher today on the strength of Apple's earnings. Expect the line to be tested and be prepared to give it a Pass/Fail grade soon thereafter.