Nasdaq Elliott Wave Analysis

-

 Nasdaq daily chart


Analysis

As seen in the above chart, the index continues to move in a negative direction by forming lower highs and lower lows and it is moving precisely in a falling channel. Within this falling big red channel, Nasdaq is moving in a small negative channel where it has shown a reversal from the resistance of it.

The benchmark continues to disappoint along with other global indices as it continues to plunge from its all time high last year. With hike in interest rates at peak and inflation still out of control, global equities will face the wrath of FED which is due in November first week.

From Waves perspective, I have opened two scenarios

Scenario 1 – As it can be seen prices are moving in double correction (a-b-c-x-a-b-c) where it has completed wave x and then wave a on the downside which is a zigzag pattern and wave of this pattern on the downside is pending which can go till 9740 levels, 61.8% from wave a to wave b.

Scenario 2- Here where wave c is down I can mark wave a on one higher degree followed by wave b where wave x has ended and wave c lower. Remember in the early stages of Zigzag pattern it is difficult to know where it is an impulse or a ZZ.

The summation is Nasdaq Composite Index can plummet till 9740 levels over short term.


Comments

Post a Comment

Popular posts from this blog

Nifty in Ending Diagonal Pattern?

-
Image
 Nifty Daily chart Analysis Nifty is currently exhibiting a pattern of higher highs and higher lows, indicating a positive trend. While there is no immediate sign of reversal, there are indications suggesting that the current upward momentum may be losing steam. According to the Elliott Wave theory, there are signals suggesting the formation of a distribution pattern, specifically an ending diagonal pattern. However, this pattern is still unfolding, with one leg remaining on the upside, potentially pushing the index to new all-time highs within the range of 22300-22400 levels. Once this leg concludes, there could be a reversal in the trend. In summary, Nifty is anticipated to climb further from its current levels and may reach a new all-time high in the range of 22300-22400. However, after reaching this peak, a reversal could occur, potentially leading the index down to the range of 18000-19000 levels. Join my Telegram Channel :  https://t.me/elliottician1 Join My Twitter hand...
Read more

Gold Anticipated Happned

-
Image
 Gold anticipated on 14th Oct 2023 Gold happened on 28th Nov 2023 Analysis In my prior article, I noted that "Gold prices have the potential to climb higher and may reach the $2025-2030 range in the short to medium term." The yellow metal indeed surged towards $2150 levels, surpassing my projected range of $2025-2030 when it was initially trading at $1933 - the anticipated outcome. To read my previous article on Gold, click on the link below https://www.marketanalysiswithmeghmody.com/2023/10/gold-and-elliott-wave-counts.html Presently, prices are following a flat pattern, having completed wave a of wave b, and this wave b is identified as a flat. The next movement could reach a minimum of 80%, translating to $2090 levels, or it might extend to $2150 levels or beyond. Clear-cut indications point towards prices fluctuating within the $2100-2150 range. Currently, prices are recorded at $2053 levels. To sum up, Gold prices display a positive outlook and are expected to fluctuate ...
Read more

ACC: Neo Wave Diametric pattern

-
Image
 ACC daily chart As shown in the above chart, prices are moving in a sideways direction after a stupendous rally, this sideways pattern are a sign of caution as there are high chances of a distribution pattern happening at higher levels. Wave theory suggests that, prices are moving in a Neo Wave Diametric pattern, which is a seven leg pattern (a-b-c-d-e-f-g) and in wave g there is a high possibility of a triangle pattern. Once wave g is over, prices are expected to falter till 1850 levels. The summation is ACC can move down till 1850 levels over short term, once the level of 2100 is broken decisively.
Read more