NASDAQ Breakdown
Currently, NASDAQ is forming the 4th Correction Wave on its impulse structure, as the 3rd Impulse Wave has been completed due to rejected on the -1.618 Fibonacci Retracements.
Talking about the Elliott Wave Theory, we can expect the 4th Correction Wave to reverse in the 0.382 Fibonacci Retracement level and it can form a Complex Correction such as WXY or Triangle Correction since the 2rd Correction Wave is forming a Simple Correction. However, the price can go as low as 5250.00 in the fib 0.618 retracement or even 4790.50 as long as the price doesnt go below the invalidation level of Wave 4 (Wave 1 Resistance), otherwise, this whole impulse structure would be invalid.
It would be nice if we wait for NASDAQ to form a clear setup of the corrective wave to the downside and waiting for the Price Action to enter the market.
Currently, NASDAQ is forming the 4th Correction Wave on its impulse structure, as the 3rd Impulse Wave has been completed due to rejected on the -1.618 Fibonacci Retracements.
Talking about the Elliott Wave Theory, we can expect the 4th Correction Wave to reverse in the 0.382 Fibonacci Retracement level and it can form a Complex Correction such as WXY or Triangle Correction since the 2rd Correction Wave is forming a Simple Correction. However, the price can go as low as 5250.00 in the fib 0.618 retracement or even 4790.50 as long as the price doesnt go below the invalidation level of Wave 4 (Wave 1 Resistance), otherwise, this whole impulse structure would be invalid.
It would be nice if we wait for NASDAQ to form a clear setup of the corrective wave to the downside and waiting for the Price Action to enter the market.