Hi Everyone,
Just to share my current thinking for the Nasdaq 100.
Since it formed a bottom at 12.3k, there appears to be a 5 wave ABC pattern with an expanding flat correction currently taking place.
The B wave correction I expect to complete at around 13.2k (124% of Wave A), while additionally there is significant resistance at 13.3k from previous price action.
Assuming this is the case, I would expect to retest 12.8k and therefore to complete the ABC correction.
This should be a favourable risk-reward set-up.
Good luck!
Just to share my current thinking for the Nasdaq 100.
Since it formed a bottom at 12.3k, there appears to be a 5 wave ABC pattern with an expanding flat correction currently taking place.
The B wave correction I expect to complete at around 13.2k (124% of Wave A), while additionally there is significant resistance at 13.3k from previous price action.
Assuming this is the case, I would expect to retest 12.8k and therefore to complete the ABC correction.
This should be a favourable risk-reward set-up.
Good luck!