The Nasdaq 100 index has been creating wave after wave according to the Elliott wave theory. After an impulse wave which consists of five waves, the market has created a three-wave corrective pattern. It looks like a simple “abc” correction.
The “c” wave seems to have finished at the previous important support at 11236 and at the lower limit within a trend channel. Currently, the market could be creating a new impulse wave that may occur if the correction ends.
If the upper limit within the channel is broken we would expect a possible rally even to the recent top at 12465. The bullish scenario may change only if the mentioned support levels are broken.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
The “c” wave seems to have finished at the previous important support at 11236 and at the lower limit within a trend channel. Currently, the market could be creating a new impulse wave that may occur if the correction ends.
If the upper limit within the channel is broken we would expect a possible rally even to the recent top at 12465. The bullish scenario may change only if the mentioned support levels are broken.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
