Nasdaq: Weekly Forecast 18th July 2021
Nasdaq had yet another bullish week and once again breaking new historical high.
At the beginning of the week, the price came down and found support at 14600 just as forecast, which led to a 4 consecutive days of bulls with no significant pullback at all.
This will inevitably attract a big volume of bull-chaser especially at the point of breakout.
What many may not realize is that this current bullish wave is the final motive wave of an Elliott wave, and that means a potential selloff a the peak.
This is especially similar to the Elliott impulse wave that started in Nov 2020, and in fact, the entire pattern within the entire rising channel is a repetition of both Elliott impulse and corrective waves.
This week, we will be watching closely for sudden spikes towards the upside as that could potentially be the trigger to the next selloff.
Just to be clear, we are expecting a selloff in the sense of a major pullback, NOT a major reversal in the entire market trend.
At the beginning of the week, the price came down and found support at 14600 just as forecast, which led to a 4 consecutive days of bulls with no significant pullback at all.
This will inevitably attract a big volume of bull-chaser especially at the point of breakout.
What many may not realize is that this current bullish wave is the final motive wave of an Elliott wave, and that means a potential selloff a the peak.
This is especially similar to the Elliott impulse wave that started in Nov 2020, and in fact, the entire pattern within the entire rising channel is a repetition of both Elliott impulse and corrective waves.
This week, we will be watching closely for sudden spikes towards the upside as that could potentially be the trigger to the next selloff.
Just to be clear, we are expecting a selloff in the sense of a major pullback, NOT a major reversal in the entire market trend.
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