NASDAQ could peak between 9690 and 9785 and then drop to 7800
NASDAQ appears to be completing the last leg of the five wave pattern and is likely to peak around 9700 - 9800 if this wave count is correct. After this, the ABC correction could correct the index to 7800.
Calculation of targets:
Wave 5 target 1: 0.618 of the height of waves 1 and 3 combined = 9690.
Wave 5 target 2: Wave 5 height could be equal to that of wave 1 = 9785.
ABC corrective wave pattern: 0.618 of the height of the five wave impulse.
Channel:
I made the channel by drawing a line connecting wave 2 and 4 and placing a parallel copy on wave 3. The price has already dropped below the channel and appears to be making an ending diagonal.
PS: This analysis is just for educational purposes and is not a recommendation to buy or sell. Please do your own research and trade at your own risk.
Calculation of targets:
Wave 5 target 1: 0.618 of the height of waves 1 and 3 combined = 9690.
Wave 5 target 2: Wave 5 height could be equal to that of wave 1 = 9785.
ABC corrective wave pattern: 0.618 of the height of the five wave impulse.
Channel:
I made the channel by drawing a line connecting wave 2 and 4 and placing a parallel copy on wave 3. The price has already dropped below the channel and appears to be making an ending diagonal.
PS: This analysis is just for educational purposes and is not a recommendation to buy or sell. Please do your own research and trade at your own risk.
Comment:
5 waves completed?
Comment:
First wave of A (or 1) is likely complete. Could move down in the third wave next week. Watch out!
PS: This analysis is just for educational purposes and is not a recommendation to buy or sell. Please do your own research and trade at your own risk.
PS: This analysis is just for educational purposes and is not a recommendation to buy or sell. Please do your own research and trade at your own risk.
