NASDAQ 8/5/2024
am currently bearish on the NASDAQ and am closely monitoring critical support levels that indicate the conclusion of Internal Wave 5. We anticipate a potential rally on the buy side, specifically in Internal Leg 4, which may take the form of patterns such as ABC, WXY, or Flat before a reversal and continuation of the primary downtrend.
The current market confluence suggests that we are in the Accumulation Phase B stage. Therefore, entering a buy position without further confirmation carries significant risk. A more prudent strategy would be to consider buying NASDAQ either by or after we move into Phase C of the schematic.
I am seeking a more favorable price point to initiate a sell position. It is important to note that several factors must align before taking a sell position above Buy Side Leg 4. This week, the market may experience an upward correction. I will wait for a reaction before considering any counter-trend buy positions. At the current price level, I am not inclined to sell due to a substantial invalidation point and an unfavorable risk-reward ratio. Once the invalidation point is established, I will evaluate potential slow corrections to inform a counter-trend buy decision.
The current market confluence suggests that we are in the Accumulation Phase B stage. Therefore, entering a buy position without further confirmation carries significant risk. A more prudent strategy would be to consider buying NASDAQ either by or after we move into Phase C of the schematic.
I am seeking a more favorable price point to initiate a sell position. It is important to note that several factors must align before taking a sell position above Buy Side Leg 4. This week, the market may experience an upward correction. I will wait for a reaction before considering any counter-trend buy positions. At the current price level, I am not inclined to sell due to a substantial invalidation point and an unfavorable risk-reward ratio. Once the invalidation point is established, I will evaluate potential slow corrections to inform a counter-trend buy decision.
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