I appears this years price action in the NASDAQ-100 formed a seven wave diametric pattern on the one month wave chart. The primary defining characteristic of a diametric pattern is the time similarity of its constituent waves. Most of the waves took around two months to form.
If this wave count is correct, I would expect the market to rebound sometime in late...
NQ dropped in after hours trading at a major supply zone. If the market continues to hold below 12,640 overnight, this could present a excellent short opportunity tomorrow. Bulls have been aggressively buying over the past several days, so wait for confirmation before entering a short position.
NDX has remained near its biyearly Pivot Point (computed with logarithmic data) since the middle of may. Today the market tested this level (12,282) for the first time since June 9th. The movement of the market around the PP will provide useful clues about the near term direction of the market. If the market moves back below the PP in the next couple days,...
Typically when a stock or index has been below its 20 day Bollinger Band for multiple days it rebounds fairly strongly. There are of course some exceptions where the market moves sideways back into the bands and continues lower. This is more common during a bear market, which we are not in at this time. I also notices that the RSI is below 30, which is commonly...
Intro:
The current impulsive move started on March 20th of 2020 after the Coronavirus crash. Primary Wave 1 was completed on October 29th of 2020, and Wave 3 has been in effect since that time. Primary Wave 3 is an extended wave, which means it is a long wave with enlarged lower degree corrections. The Intermediate Wave 3 of Primary Wave 3 is also an extended...
The Nasdaq 100 futures market appears to have completed an Elliot Wave ending wedge pattern. This may signal an end to the nearly two month long correction in the market. The market should bottom out at around 15000 before rebounding over the next several days.
