NASDAQ PRICE ACTION
NASDAQ is trading in a beautiful five-wave decline, with final sub-wave C of three WAVES in play. Sub-wave C is now unfolding its five-wave minor move, which can look for support and a bullish turn near the Fibonacci ratio of 2.618. A break out of a the Elliott wave channel will confirm a three-wave recovery /MORNING STAR with 3 bullish candles.
NASDAQ uptrend:
Prices begin to rise due to some buyers entering the market, creating wave 1.
Profit-taking results in the price dropping slightly, to create wave 2.
More buyers enter the market and prices rise again to create wave 3. In the Elliott Wave Theory this wave 3 is usually the longest and exceeds the high created at the end of wave 1.
Profit taking causes prices to drop again but only slightly as the trend is still bullish. This creates wave 4.
Even more investors enter the market at this stage creating an abundance of buyers to create wave 5. Eventually there are no more buyers left in the market as the instrument becomes overpriced. Sellers enter the market. This begins the reversal of the trend to start the ABC pattern, which is known as the corrective phase.
Conclusion Nasdaq is neutral , await a bullish breakout or a bearish rejection
NASDAQ uptrend:
Prices begin to rise due to some buyers entering the market, creating wave 1.
Profit-taking results in the price dropping slightly, to create wave 2.
More buyers enter the market and prices rise again to create wave 3. In the Elliott Wave Theory this wave 3 is usually the longest and exceeds the high created at the end of wave 1.
Profit taking causes prices to drop again but only slightly as the trend is still bullish. This creates wave 4.
Even more investors enter the market at this stage creating an abundance of buyers to create wave 5. Eventually there are no more buyers left in the market as the instrument becomes overpriced. Sellers enter the market. This begins the reversal of the trend to start the ABC pattern, which is known as the corrective phase.
Conclusion Nasdaq is neutral , await a bullish breakout or a bearish rejection
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