Nasdaq - Long Term (Weekly) - Wave Count
Watching 6000 for the pasable top in the NDX as I expect volatility to increase in the overall market in the coming months.
The Nasdaq fell a few points short of that 6000 handle on July 27 @5995.8. An Elliot, wave count shows that the Nasdaq is forming a long term 5th wave top as price grinds agents the upper channel line. The long term purple 5th wave encompasses a clear blue 5 wave subdivision. This is in line with the broader market whereas the S&P and DJI both look to be ending long term 5th waves. The major tec. stocks are also showing an increase in volatility and consolidation.
Note: If the US sees Tax reform then that will benefit a good majority of the company's listed in the Nasdaq therefor would spark another leg within the Nasdaq.
Levels to watch:
The Nasdaq fell a few points short of that 6000 handle on July 27 @5995.8. An Elliot, wave count shows that the Nasdaq is forming a long term 5th wave top as price grinds agents the upper channel line. The long term purple 5th wave encompasses a clear blue 5 wave subdivision. This is in line with the broader market whereas the S&P and DJI both look to be ending long term 5th waves. The major tec. stocks are also showing an increase in volatility and consolidation.
Note: If the US sees Tax reform then that will benefit a good majority of the company's listed in the Nasdaq therefor would spark another leg within the Nasdaq.
Levels to watch:
- 6000 Key resistance
- 5600 - 52267.2 Key support and 23.6 Retracement of the purple 5th wave.
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