Here is my wave count for the Nasdaq using QQQ. I did this on the log scale because the Nasdaq seems to be much more exponential in its moves. I tried this using linear scaling and it just does not seem to work out right, but lines up perfectly on log. This is also done on the 1W timeframe.
I set wave 3 to end in 2018 and not 2020. I based this for two reasons.
1) The PMO clearly goes in the red in 2018 but the COVID drop was to fast down and back up and did not come close.
2) The cRSI and my wave counter makes a clear ABC wave in 2018 but again the 2020 drop was just way too fast and only showed a single wave A.
I estimated wave 5 based on approximately the same height as wave 1. It also turns out it aligns perfectly with a 3.0 fib extension.
1D timeframe
I set wave 3 to end in 2018 and not 2020. I based this for two reasons.
1) The PMO clearly goes in the red in 2018 but the COVID drop was to fast down and back up and did not come close.
2) The cRSI and my wave counter makes a clear ABC wave in 2018 but again the 2020 drop was just way too fast and only showed a single wave A.
I estimated wave 5 based on approximately the same height as wave 1. It also turns out it aligns perfectly with a 3.0 fib extension.
1D timeframe
Comment:
Here is my estimate using linear on the NDX.
