Here we can see a very strong impulsive third wave as the market approaches a double top zone.
Ideally we would like to see a reaction around this level with a three wave correction (a-b-c) to form a wave 4.
Only if the market sets up a three wave correction will we consider going long on the NASDAQ to complete the fifth wave on the wave count....
Update to the 2/15/21 call of the correction, retracement back to Start is complete. Test #2 or move high?
Low volume days lately, big earnings next week and the volume will return (upside or downside VOL), We will find out.
NQ one hour time frame hit the top of the channel. One of two things usually happens at this level. The market falls back down towards support or the market breaks the up channel. Right now I am out of Nasdaq waiting for a low price near a known level of U-turn.
Watching price action in prz zone, i will update if i look to get short, This is a very clean Gartley in a bullish zone, 2% risk only, add on inside bar, engulfing bar, or pin bar, w lower risk stop, red lines are take profits,
PRZ is price reversal guys, i get asked that daily.
Short term Elliott wave in NASDAQ suggests that the cycle from March 05, 2021 low is unfolding as an impulse sequence. Up from March 05 low, the rally to $13287.25 high ended wave (1). Down from there, the pullback in wave (2) unfolded as a zigzag structure where wave A ended at $12681.75. Wave B bounce ended at $13172 high and wave C ended at $12609.42 low thus...
Aside from a total U.S. Market Capitalization that is now in excess of 260% of U.S. GDP (the historic norm, not the low, being 78%!) ...
... and a Doubly Exponential; f(x)=a^(b^x), Central Bank(s) push in equities , up to this point, ...
... and the leverage in the system (U.S. equity markets) now easily the eclipsing all previous records, by any measure, ...
NQ daily time frame bullish trend is still holding strong. The Uptrend line has pushed the market up several times. If buyers continue control, the research shows to expect a +4,000 tick bullish push. It will be a good idea to turn to the one hour time frame and to look for low prices in the buy zone.
nazdaq reach our target fibo 161% and support , now it must back touch trend again (break trend,pullback touch trend pattern)
ALERT=be carefull technical on daily chart say nazdaq can crash to Ema200 daily (redline) 11600-11700 for your buy 100% put SL
dont pick your buy signals above 12800
Video Nr. 1
I explain the quick principals of the Pitchfork and how we use it.
Parallel to the educational benefit, you get the analysis of the NQ and a good feeling, where we are in the whole big picture.
If you like to learn more about the Pitchforks and how they produce great trades, then here's how you can get your free course:
1. Klick the link at the...
NQ one hour time frame entered into an up channel. The market is now breaking the counter trend line bullish. If the market can close above the counter trend line bullish and stay above the counter trend line bullish. The research shows it should push +1,000 ticks towards the Fibonacci limit.