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Watch the Nasdaq On December 1, 2016

TVC:IXIC   NASDAQ COMPOSITE
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My last post noted a possible SPX             top. The wave count I illustrated was invalidated in the first five minutes of trading on 11/30/16.

The SPX             went on to make a new marginal all-time high and subsequently declined in what looks very much like a Double Zigzag correction. This patter implies at least another marginal new high on 12/1/16.

The Nasdaq topped on 11/29/16 and has dropped in a very clear impulse wave. Also there is a very high probability that the Nasdaq on 11/29/16 had a Truncated 5th wave to complete a larger five wave pattern.

At the close on 11/30/16 the Nasdaq 15 minute RSI and MACD both had bullish divergences. There is a good chance the Nasdaq could have on 12/1/16 a three wave rally to most likely the .618 retracement area.

The perfect set up would be if either the SPX             and/or the DJIA             make marginal new all time highs on 12/1/16 that are not confirmed by the Nasdaq.

The minimum downside for the SPX             , DJIA             and Nasdaq is a retracement back to the 11/3/16 bottom. I will have more about this in a future post.

For now. WATCH THE NASDAQ!

Mark
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