NASDAQ - possible ABC correction
I pay special attention to the circled levels next week. This is what a corrective movement could look like. Just a scenario, not a must have. The first break of the 14.60% fib. is a first warning sign for the market. Confirmation will be given when the market moves towards 14,540. A counter-reaction could then start there (b), whereby this should lead to an end impulse in a wave (c)
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In my second chart you can see my bearish wolve wave (secondary scenario) if we see a sell of below 13.958. Rules for a bearish wolve wave:
The 2 point is a bottom.
The 3 point is the top of the first rally.
The 1 point is the top prior to point 2 (bottom), that 3 has surpassed.
The 4 point is the bottom of the decline after point 3.
The 5 point is the top after the 4 point and is likely to exceed the extended trend line of 1 to 3. This is the entry point for a ride to the EPA line (1 to 4).
Estimated Price at Arrival (EPA) is trend line of 1 to 4 at apex of extended trend line of 1 to 3 and extended trend line of 2 to 4.
Estimated Time of Arrival (ETA) is apex of extended trend line of 1 to 3 and 2 to 4.
The 2 point is a bottom.
The 3 point is the top of the first rally.
The 1 point is the top prior to point 2 (bottom), that 3 has surpassed.
The 4 point is the bottom of the decline after point 3.
The 5 point is the top after the 4 point and is likely to exceed the extended trend line of 1 to 3. This is the entry point for a ride to the EPA line (1 to 4).
Estimated Price at Arrival (EPA) is trend line of 1 to 4 at apex of extended trend line of 1 to 3 and extended trend line of 2 to 4.
Estimated Time of Arrival (ETA) is apex of extended trend line of 1 to 3 and 2 to 4.
