A Contemporary Have a look at Nasdaq 100’s Path Since Our Final Replace
Since our final dialogue on the Nasdaq 100 (NDX) in mid-February, our evaluation has intently adopted the event predicted by the Elliott Wave Precept (EWP), particularly the “inexperienced W-5” wave.
Initially, the rally from the low in October 2023 offered a fancy sample, with a notable five-day drop main into January 5.
Our earlier evaluation recommended a brief retreat to round NDX 17100+/-100 and NAS 15250+/-100 for a “inexperienced W-4,” adopted by a surge to finish the “inexperienced W-5” wave.
As of our final commentary, the NDX was buying and selling at roughly $17,600. Quick ahead 5 weeks, and it now trades round $18,420, marking a 4.7% improve.
This highlights the significance of frequent market evaluation. Our revised outlook sees the NDX approaching the ultimate phases of a “gray W-v,” concluding the “inexperienced W-5” wave round $18,700+/-100, characterised by an ending diagonal (ED) sample.
Determine 1. NDX Hourly Chart with Detailed EWP Rely and Technical Indicators
Ending diagonals usually show a 3-3-3-3-3 wave construction, indicating the end result of a development. Notably, in such patterns, the primary and fourth waves might overlap, making a wedge form.
Our evaluation of wave extensions and overlaps means that the NDX’s motion adheres to the traits of an ending diagonal.
Determine 2. Each day NDX Chart with Detailed EWP Rely and Technical Indicators
The every day chart evaluation aligns the standard W-5 = W-1 relationship with a goal near $18,615, nearing the $18,800 Fibonacci degree. The chart additionally signifies potential for a slight extension past this vary.
To observe the uptrend’s sustainability, we’ve recognized important warning ranges: the first warning at $18,300, adopted by subsequent thresholds. A fall under the inexperienced W-4 low alerts a shift to a “black W-4?” section, focusing on round NDX 15900+/-200. Crucially, a breach under the October 2023 low would signify the tip of the bull market.
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