Nasdaq 100 May Approach Small Correction Short Term

The Nasdaq 100 is either in or near its iv°th wave. The chart shows the respective elliott wave count. The market has followed the pale red trend channel for wave iii°. We expect a shallow iv°th wave in alternation to wave ii°, which had a deep retrace. There may be another spike up before wave iv° kick in. The spike up is not required at the moment however.

All in all we expect to remain within the green trend and rally into higher levels after the iv° correction is finished. The trend to the upside is still active.

Comment:

The Nasdaq 100 is currently tracing out a fourth wave of minute degree. The recorded high on December 18th shows an equal wave length relationship between minuette waves one and five. Moreover minute wave iii° followed the pale red trend channel and has the right look. We call it complete.

We continue to forecast a shallow minute wave iv° in alternation to wave ii°, which had a deep retrace. This translates into a drop in the magnitude of -3% to -4% from the top on December 18th.

All in all we expect to remain within the green trend and rally into higher levels after the iv° correction is finished. The trend to the upside is still active.

Trade closed: stop reached:

It is in a third of minuette wave (v)... and got more fuel to the upside!