NASDAQ Update: 5 waves to the downside
So far, we have managed to create what appears to be 5-waves down from the top of $16062.75. This could either be an A wave down or a wave 1 down. Due to where we are at in the count, I think it is an A wave of some degree. How far it subdivides is unknown and will remain so until we receive more data.
You'll notice on my chart I changed some of my labels around. The fact that we have made 5-waves down, breached the prior wave 4 low, and we've been running on fumes for months all state we have TOPPED. We don't have conformation yet though. I would expect price to make another low into my target box to finish out this A wave but it is not required. Structurally, we have made all the moves we need to call this move down complete.
Once this wave is complete, we should retrace up to form B or 2. As I said, I favor our next move to be a B wave but cannot be for certain without more data. When we receive said data, I will plot new targets to trade. For now, let's see what clues today brings us.
Bonam Fortunam,
--Tyler
You'll notice on my chart I changed some of my labels around. The fact that we have made 5-waves down, breached the prior wave 4 low, and we've been running on fumes for months all state we have TOPPED. We don't have conformation yet though. I would expect price to make another low into my target box to finish out this A wave but it is not required. Structurally, we have made all the moves we need to call this move down complete.
Once this wave is complete, we should retrace up to form B or 2. As I said, I favor our next move to be a B wave but cannot be for certain without more data. When we receive said data, I will plot new targets to trade. For now, let's see what clues today brings us.
Bonam Fortunam,
--Tyler
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Bonam Fortunam,
--Tyler
Bonam Fortunam,
--Tyler
