They reached more than 13,818 points in today's trading. With this we reach the ideal target of the wave [iii]. So everything is fine for the time being.
From now on, further expansions to the north side can take place up to the 14,000 region. But then I assume an intermediate correction in the form of wave [iv]. I am planning the next long trade after the completion of wave [iv] and have already entered a preliminary range.
This will be made more precise as soon as the high of wave [iii] is finally confirmed. As I said, we can expect further expansions to the north here.
With the step above the 13818 point mark, the bulls are ready for higher prices in the area of 14350.
H4:
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Chart update May 24:
After an upward movement in 5 waves, the nasdaq made a correction ( ABC ). Even if I expected a stronger correction, the chart signals further upside potential.
After an ABC correction, there is often a new trend. This trend is moving in 5 waves. Waves 1, 3 & 5 are impulse waves. Waves 2 & 4 are marked by a correction. In the chart you can see that waves 1 & 2 have already been completed. After completing wave 2, I was able to determine further targets with the help of a Fibo extension. There is a high probability that wave 3 will exceed the increase in wave 1 by 161.8 percent. Accordingly, my next target is 13818. After that, a corrective movement should occur. Wave 3 is mostly corrected by wave 4 between 38.2 and 50%. After a corrective movement, wave 5 is the final target. As a result, I see a potential of up to 14351, because wave 5 can even be 261.8% longer than wave 1.
Awesome! I just charted the Q’s with similar price targets nq $14100’s or qqq $345 with short term pullback potential due to a lot of bearish candles on individual stocks.
Sangam-Agarwal
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great work
Trebor74
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Grat! Great! moment: What does it depend on us going towards 13900 or turning back?
Thx
TizTrader
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@uhljarrobert Thanks! It depends on how far wave iii extends. Basically, the price target of a wave III is between 1,618 and 2 Fibo extension. Then we should expect a pullback. I will keep you up to date.