Nasdaq (NQ1): The Grand Finale!

14 Mar

Nasdaq (NQ1): NQ1!

Examining the Nasdaq on the daily chart, it appears we may have indeed reached the final level of the potential primary scenario Wave 3 at the 461.8% extension, which is around $18,400. Now, we should be entering a Wave 4. If we continue to rise beyond this point, we might consider an alternative scenario where there is a bit more room to extend upward before developing Wave 5 as a Wave 5 extension, possibly around $19,500, marking our maximum in this scenario.
Thus, there are two scenarios, but we primarily lean towards the scenario that we are currently experiencing Wave 3, not Wave 5. Consequently, we anticipate a downturn to at least $15,500 minimum, up to a maximum of $14,140, the subordinate Wave ((iv)) level. This is the maximum level we expect to reach with Wave 4. We should definitely see a stronger corrective movement downwards before the final impulsive Wave 5 ascends. If we begin to see the first signs of weakness, we will consider establishing short positions on shorter timeframes, but until then, we will wait and observe.