I'm watching the NASDAQ as it's approaching an area where I would like to take a short.
I think that it is possible the NQ is still due a violent wave C. This is because the volume on the leg down is much higher than on the rally that has followed.
Therefore I am expecting a failure to achieve a new high followed by a move to down to find support.
If we get a wave C, it will be 5 impulsive waves down with the 3rd likely being the worst.
The idea is invalid if NQ makes a new ATH. This is also a longer term play and I am not expecting anything to happen near term.
Zoomed Out Monthly
I think that it is possible the NQ is still due a violent wave C. This is because the volume on the leg down is much higher than on the rally that has followed.
Therefore I am expecting a failure to achieve a new high followed by a move to down to find support.
If we get a wave C, it will be 5 impulsive waves down with the 3rd likely being the worst.
The idea is invalid if NQ makes a new ATH. This is also a longer term play and I am not expecting anything to happen near term.
Zoomed Out Monthly