AynCzubas
Short

NASDAQ Ending Diagonal & Projected Peak Level

INDEX:XCMP   Nasdaq Composite [TR]
136 2 2
As with the other broad U.S. equities indices, the NASDAQ Composite             appears to be in the late stage of a terminal ending diagonal pattern which hints at an imminent peak high.

In each index ( NASDAQ Composite             , DJIA             , S&P             , Russell 2000, etc), the convergence of the upper and lower trendlines of the narrowing pattern, which implies the final peak level of the ending diagonal and of the bullish trend , can be seen in July 2015. Interestingly, the NASDAQ Composite             and NASDAQ 100 narrowing trendline convergence seems delayed by about 1-2 weeks beyond those of the other indices, which I would guess is due to the extra exuberance over tech stocks.

The final 5th wave of the ending diagonal itself seems to be underway now. Price quite commonly overshoots the upper trendline during the final 5th wave of an ED, therefore the pattern does not necessarily need to endure until July to complete itself.

The 3rd wave of an impulse may not be the shortest of waves 1,3 and 5. Wave 1 is already longer than wave 3, and therefore wave 5 will need to be equal to or shorter than wave 3 to maintain validity as an impulse wave. The maximum height of prospective wave 5 would also nearly reach the trendline convergence peak, as seen in the chart here.
So it was, more or less.
Reply
Have the exact same read on the ending Diagonal AynCzubas..
Reply
United States
United Kingdom
India
Deutschland
France
España
Italia
Polska
Türkiye
Россия
Brasil
Indonesia
Malaysia
Việt Nam
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Priority Support Contact Support Ideas Published Followers Following Private Messages Chat Sign Out