NASDAQ appears to be completing the last leg of the five wave pattern and is likely to peak around 9700 - 9800 if this wave count is correct. After this, the ABC correction could correct the index to 7800.
Calculation of targets:
Wave 5 target 1: 0.618 of the height of waves 1 and 3 combined = 9690. Wave 5 target 2: Wave 5 height could be equal to that of wave 1 = 9785. ABC corrective wave pattern: 0.618 of the height of the five wave impulse.
Channel: I made the channel by drawing a line connecting wave 2 and 4 and placing a parallel copy on wave 3. The price has already dropped below the channel and appears to be making an ending diagonal.
PS: This analysis is just for educational purposes and is not a recommendation to buy or sell. Please do your own research and trade at your own risk.
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5 waves completed?
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First wave of A (or 1) is likely complete. Could move down in the third wave next week. Watch out!
PS: This analysis is just for educational purposes and is not a recommendation to buy or sell. Please do your own research and trade at your own risk.