Long

NASDAQ sort of "Extended V-Bottom"?

Updated

NASDAQ prob. in a "Extended V Bottom", where the following wave c (grey) could equal wave a (grey), just to finish larger wave b (red).
Target 1: for b (red)= 7000 Flat pattern) with 0,382 of wave a (grey) for wave c (grey),
Target 2: for b (red)=7173 (Running Flat-pattern) with 0,618 of wave a (grey) for wave c (grey).
Keep in mind, that the daily volume , so far, does not follow the trend! There is yet another downswing to come....

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NOTE: Please forget the magenta ABC counts in wave a (Grey). This is def. a impulse wave! SORRY!

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15min chart for better visibility and some further information: Wave b (grey)
has NOT even reached a neccessary Fib. 0,236 (6708) retracement level!!! ( Even, if the preceeding wave a would be replaced by 1 and b would be a wave 2 instead, the minimal requirements for this wave would not be met!!!) This is probably a bearish signal!

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And now the tricky part on a 15min chart:

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Different counts!!! Assumption: The upswing (magenta wave b) on Friday has been a bull trap (as usual in a "Expanded Flat"), then it would be possible to reach the minimal required Fib.-levels for a wave-b (grey) or even a possible wave-2 (grey). (Stochastic Indicator also shows an overrbought situation!) First target (1,618) at 6680 or below!
Please keep that in mind and careful trades, when it starts on Monday...

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15min chart: Possible "Broadening Formation in NASDAQ see below

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wolfah

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