NDX appears to be completing an Elliott wave Expanding Flat Correction
Wave (a) was 140.90 x 1.382 = 194.72 + 5633.30 wave (b) targets 5828.02 wave (c)
Wave (c) appears to be forming an Elliott wave Ending Diagonal Triangle.
Wave I = 141.80 x .50 = 70.90 + 5759.69 wave IV targets 5830.59 wave V
Wave "3" of a five wave impulse can never be the shortest wave. Therefore the count is wrong above 5836.24
The Ending Diagonal will likely complete on 6/26/17, typically wave "5" overshoots the upper trend line.
A short in the NDX 5828 to 5831 area risks 5 to 8 points.
Minimum downside move is back to NDX support at 5633-5634. Reward about 195 to 198 points.
Mark
Wave (a) was 140.90 x 1.382 = 194.72 + 5633.30 wave (b) targets 5828.02 wave (c)
Wave (c) appears to be forming an Elliott wave Ending Diagonal Triangle.
Wave I = 141.80 x .50 = 70.90 + 5759.69 wave IV targets 5830.59 wave V
Wave "3" of a five wave impulse can never be the shortest wave. Therefore the count is wrong above 5836.24
The Ending Diagonal will likely complete on 6/26/17, typically wave "5" overshoots the upper trend line.
A short in the NDX 5828 to 5831 area risks 5 to 8 points.
Minimum downside move is back to NDX support at 5633-5634. Reward about 195 to 198 points.
Mark