Here on the monthly chart of Nasdaq we can see that its very likely we are in the final stages of a 5th wave since 2002. The pullback from September tested and held the 23.6% retrace of the entire 3rd wave. For those with a background in Elliot you will know this is meeting the criteria needed to qualify as a retracement (IVth) wave.
If this is the 5th and final wave from 2002 then there is the scope for us to eventually grind as high as 8,231. This would then be the important level to start watching for a top and turn.
First in the crosshairs is strong resistance at 7,700 - 7,750. Time to start tracking this very closely for those in US and Global Equities.
Best of luck all those positioned and trading these final fumes in the move.
If this is the 5th and final wave from 2002 then there is the scope for us to eventually grind as high as 8,231. This would then be the important level to start watching for a top and turn.
First in the crosshairs is strong resistance at 7,700 - 7,750. Time to start tracking this very closely for those in US and Global Equities.
Best of luck all those positioned and trading these final fumes in the move.
