cfetrader
Short

Nasdaq corrective pattern

FX:NAS100   NASDAQ 100 index of US listed shares
49 3 4
A final drop is expected in Nasdaq 100 before the customary year's end rally. The October month has a tendency of being volatile, and Elliott wave propagation points to a new low.
In the hourly chart, yet another false break did materialize. The strength of the rise is apparent and this is a tell tale sign of a 3rd wave (corrective or impulsive).

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The apparent break of the resistance line K-L, forces a re-assessment of the correction wave B numbering.

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It appears that a break down is taking place in the hourly chart.

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