Is the rally over, with the failed wave five, or new high?NASDAQ 100 IndexNASDAQ_DLY:NDXElliott-Waves-2_0Unlike the Dow Jones, the Nasdaq is likely still poised for another high. We are currently probably still in wave 4 of the blue-circled C. After that, there would still be room for a wave 5 (not shown for clarity), which is likely to reach the 27,100-point range. But after that, even the strong tech market should be affected, and a significant correction could be on the horizon. If the index rises to the aforementioned 27,100-point range, the minimum target—i.e., the 23.6% retracement—for the subsequent correction would be around 20,800 points, and the more likely correction target—the 38.2% retracement—would be around 16,800 points. Even long-term investors might consider whether they should really pursue a buy-and-hold strategy here. The triple divergence in the RSI is also clearly visible in the Nasdaq. It must be made clear that a new high is no longer needed. With the 0.786 extension reached, the mandatory targets have been met, and one could also spot a failing 5 on a smaller timeframe, which would be a clear sign of weakness. Should the market fall significantly below 23,000 points, a failed 5 must be considered the most likely scenario, and the market will move directly toward the targeted correction levels (which will shift accordingly if we've already seen the high).