Nasdaq Elliott wave update

Nasdaq futures on coarse to end the first part of this rally. First targets I identified are between 15700 and 15760. This is a Wave C of B thus could ultimately retrace upto 58% from November highs to January lows. Currently we are completing Wave 1 of C thus will develop in an impulsive 5 wave pattern. Can also turn into a Triangle or other formations ... we'll see.

Yorum:

EC : Retracement should read 85% and not 58%.
Prices could move lower, below 14400. 14340 is the line in the sand, below this level this count (hourly chart) is wrong. Aforementioned targets remain valid for now.

İşlem aktif:

14340 penetrated, so the count changes slightly, no material difference. Eyeing the area between 14100 and 14190. These are fibonacci retracement levels, technically a wave 2 is satisfied so could end anytime soon. Trade with caution here.