I urge you to read my previous NDX wave count before continuing.
Here's what's troubling me. On the futures chart I get a different wave count than on the cash. As you can see, the cash shows we are in the midst of an ABC correction of a Wave 5, which may even morph into a new bear market, but take things one at a time. Differently on the future chart we are in a wave 4, and in the final stages of it. This can happen because of the night session. Both cash and futures can approach previous highs without impacting the wave count, but in the night session, futures can do new highs only to revert before the market opens and then go south. (wake up call for who thought elliott waves were an easy way to trade). This is why I added the 65 day MA (1 quarter) on the daily cash trade. It's a line in the sand. If we break out and close above it, dump any shorts and run long. If instead, in the coming week, the market tanks below the 0.5 fib line and the 65 MA turns down acceleration may become impressive. First target to the downside, 13900 (area)
Here's what's troubling me. On the futures chart I get a different wave count than on the cash. As you can see, the cash shows we are in the midst of an ABC correction of a Wave 5, which may even morph into a new bear market, but take things one at a time. Differently on the future chart we are in a wave 4, and in the final stages of it. This can happen because of the night session. Both cash and futures can approach previous highs without impacting the wave count, but in the night session, futures can do new highs only to revert before the market opens and then go south. (wake up call for who thought elliott waves were an easy way to trade). This is why I added the 65 day MA (1 quarter) on the daily cash trade. It's a line in the sand. If we break out and close above it, dump any shorts and run long. If instead, in the coming week, the market tanks below the 0.5 fib line and the 65 MA turns down acceleration may become impressive. First target to the downside, 13900 (area)
Trade active:
Clearly this has been a bumpy ride but Wave 5 may be completing. Frankly, I hope not. After the losses taken from shorter time frame analysees, I finally caved and went long @ 15690 area. Have tight stops @ 15820. Any pull back now could be something more. Keeping this trade on and looking @ Forex for rest)) Check it out, published this morning; AUDUSD and Silver.
