NASDAQ Elliott Wave Analysis for Monday 11/09/2023 (+ Higher TF)
For traders (lower timeframe):
If the wave (4) down plays out like a double correction, it looks like we are ready now for another leg down. Wave (X) might be finished which means we can go down now as wave (Y).
For investors (higher timeframe):
In the higher timeframe, it looks like we are doing a wave (4) down which should be followed by a wave (5) up. Therefore, investors could buy the wave (4). However, there is a potential trap in which we might see way more downside as the wave II correction can still be ongoing.
If the wave (4) down plays out like a double correction, it looks like we are ready now for another leg down. Wave (X) might be finished which means we can go down now as wave (Y).
For investors (higher timeframe):
In the higher timeframe, it looks like we are doing a wave (4) down which should be followed by a wave (5) up. Therefore, investors could buy the wave (4). However, there is a potential trap in which we might see way more downside as the wave II correction can still be ongoing.
