NDX has broken the previous high on the back of the skyrocketing FANG stocks. Surely the moon is now in sight?
I am not so sure and looking back to the start of this EW cycle it may be that a top is very close.
Cycle wave III was a fib 4.238 of wave I and 0.618 of the waves I to III range is around 9870.
Even with the massive rises in wave V RSI has diverged from the high in wave III and continues this trend.
If correct cycle wave V may be an ending diagonal which may have reached wave 3 to be followed by waves
4 and 5 with wave 5 maybe spiking to the 10000 point.
Good Luck
I am not so sure and looking back to the start of this EW cycle it may be that a top is very close.
Cycle wave III was a fib 4.238 of wave I and 0.618 of the waves I to III range is around 9870.
Even with the massive rises in wave V RSI has diverged from the high in wave III and continues this trend.
If correct cycle wave V may be an ending diagonal which may have reached wave 3 to be followed by waves
4 and 5 with wave 5 maybe spiking to the 10000 point.
Good Luck