Nasdaq: Weekly Forecast 1st August 2021

Nasdaq fell this week as it has potentially completed the final wave of a bullish Elliott wave .

And as mentioned in our previous forecast, this is also a repetition of a combined ABC corrective and impulsive pattern started from September 2020.

If this repetition were to yield the same result, we will be expecting a major pullback in the coming week.

As of current, the price has indeed fallen and this could be the beginning of the major pullback.

We will continue to look for selling opportunities at the beginning of the week, anywhere from the current price of 15000 to 15100.

Our main target for this sell trading plan is somewhere just above 14000, bottom of a 10-month rising channel , as well as a support zone between the 63 and 126 MAs,