4xForecaster
Long

$NASX - Interim Correction; Bulls Eye 5859.51 | #nasdaq $NQ

INDEX:NASX   Nasdaq Composite
5 months ago
SYNOPSIS:

snapshot


1 - Overall price action suggests an incomplete 5-wave impulse with Elliott Wave alternation rules giving way to a complex Wave-IV consolidation with support expected at 4104.70, compared to a simpler Wave-II which occurred between 04-2010 and 10 2011; A resultant Wave-V completion remains pending
2 - Predictive/Forecasting Model eyes ONE pending targets, namely TG-Hix = 5255.11 and a WL level suggesting high-probability reversal level, namely WL = 5859.51
3 - Interim support corresponds to alignment of both a structural level where Intermediate Wave 4 (circled) defined its residence, as well as a quantitative target generated by the same Predictive/Forecasting Model as that which generated above qualitative levels, TG-Hix and WL


A QUICK NOTE ON RSI:

I often receive comments and suggestions about RSI , pointing to so-called divergences, which are typically referred to as "bullish" or "bearish" divergences - I will be short on this, as I have hammered this topics in public lessons several times over the years, but the author had originally suggested that BEARISH divergences in RSI (RED in the RSI field) are commonly associated with BULLISH trending markets, and not with declining markets, as many junior traders tend to perpetrate the same misstatement from misinformed tutors.

If you need to use RSI for a market expected to rally, look instead for POSITIVE (neither bullish , nor bearish ) divergences (GREEN in the RSI field), where the origin of the green line imposes a solid support, which price will seldom transgress (as is consistently shown in this case) - The analogy I teach is that of a "shovel", where the origin of the green line is the handle, and the tip is the shovel, propping price up and above to higher height, in a situation where price carves a HIGHER-low against a LOWER-low in RSI ... If confused, just ask me for more examples, or feel free to post some suggestions here or in another appropriate chart ... Kapish?

The inverse is true, where a NEGATIVE divergence is price, where I use the "hammer" analogy, has the handle defining a level which price will not transgress, where the right-end of the RSI (not shown in this chart, since there is no downtrend defined as of yet) would rise at a HIGHER-high, compared to a LOWER-high in price, thus giving the impression of hammering the price further DOWN.

The ORANGE lines are convergent lines, and they simply have no "telling" as to the direction, strength and extent of subsequent price action.

Hope this helps in your own analyses.

Best,

David Alcindor, CMT Affiliate #227974
- Alias: 4xForecaster

.
3 months ago
Comment: 12 AUG 2016 - Chart Update / Tech-Note:

Whereas an interim pattern did not develop, targets from Predictive/Forecasting Model remains intact and in force, as price now nears TG-Hix = 5255.11, as defined this past 27 JUN 2016:
snapshot


Best,

David Alcindor, CMT Affiliate #227974
a month ago
Comment: 26 OCT 2016 - Target Hit ... One more to go

Price ended up not completing a complex geometry prior to hitting the first target at $5255.11. Instead, a resilient bullish market carried from to ever increasing heights.

snapshot


At this point, a time-consumptive consolidation is coiling around the first target, adding credence to that forecast level, as buyers and sellers resolve their differences.

Next ... Expect price to meet a probable reversal level near $5859.51.

Cheers,

David Alcindor
David Alcindor, CMT Affiliate #227974
Alias: 4xForecaster (Twitter, LinkedIn, StockTwits)

Signal Service or Private Course - Contact: admin@KADAInstitute.com
All updates on https://twitter.com/4xForecaster
felix997
5 months ago
hi
i was doing the extention on your count and it seem a wave 5 to me . may be we will do a double top but we will go to 3310 befor.for now 4106- 3990 is a good support. short till then . my comment is friendly to open the discusion for learning purpose. i am not her to contredict you but i am surprise if i concidarate your call on a small cap .
+1 Reply
4xForecaster PRO felix997
5 months ago
Hello @felix997 - I very much appreciate your input and questioning - I am not sure I completely understand your comment. Do you care to explain with a chart, perhaps?
Reply
felix997 4xForecaster
5 months ago
http://invst.ly/1-e3n
+1 Reply
4xForecaster PRO felix997
5 months ago
Hello @felix997 - Feel free to post a chart; I won't open links.

Thank you,

David
Reply
felix997 4xForecaster
5 months ago
Van you see the chart ???
+1 Reply
4xForecaster PRO felix997
5 months ago
Not unless you post the chart here - Do you have a chart constructed from the TradingView service, rather than a link to another site? It appears that the link you provided is not a TradingView link ... In such case, I simply do not open the link.

David
Reply
felix997 4xForecaster
4 months ago
http://invst.ly/1-e3n

well it works for me
+1 Reply
felix997 4xForecaster
4 months ago
and it is a link from investing who provide tradinview
+1 Reply
felix997 4xForecaster
5 months ago
anyway we go down
+1 Reply
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