NASDAQ 100 Forecast – Are New All-time Highs in Jeopardy?…
“Thus, contingent on holding a minimum of above $20800, …, and particularly above the January 13 low at $20538, we should always count on the index to achieve the crimson W-v’s very best goal zone at $22825-23400. … In the meantime, we’ve penciled in a typical Fibonacci-based impulse sample with the inexperienced W-1? via W-5? for this crimson W-v. Nevertheless, since we’re most probably coping with an Ending Diagonal from the August 2024 low, which contains a Three-Three-Three-Three-Three sample, we might even see short-term deviations, i.e., an a-b-c advance from the January 13 low.”
To date, the index has held above these two warning ranges, and with the extra value information since then, we will present extra particulars about our most well-liked EW depend. On this case, the January 24 excessive was inexperienced W-1/a, and final week’s low was most probably inexperienced W-2/b.
Thus, the index is most probably within the beginning gates of the inexperienced W-Three/c: gray W-i, ii. We don’t know but if the latter has been accomplished eventually Friday’s low, as it may possibly nonetheless tag on one other wave decrease higher into the gray W-ii very best goal zone ($21200-21400). However a break above final Friday’s excessive will seal the deal for the Bulls.
A Bullish Chart Requires a Bullish Evaluation With Prudent Warning Ranges
Talking of the Bulls, the index remains to be above its first warning degree (blue degree $21618) and above its rising 10-day easy shifting common (10d SMA), which is above its rising 20d SMA > rising 50d SMA > rising Ichimoku Cloud > rising 200d SMA. Thus, the value chart is presently in a 100% Bullish uptrend. As such, we want to have a Bullish perspective till confirmed in any other case.
What would that be? A break beneath the threerd (orange) warning degree -last Monday’s low- at $21008 for starters, however finally, the January 13 low at $20538 stays the Bull-Bear line within the sand. If the market decides to maneuver beneath these ranges, our most well-liked EW depend switches to our different (not proven), which has the extra vital crimson W-iv turn out to be protracted and goal $19930-20300 earlier than the crimson W-v begins. However as said, that’s our different, our insurance coverage, in case we’re mistaken.
Thus, our Elliott Wave evaluation gives particular ranges to observe. How the market reacts to these mixed with the construction of that response will inform us how you can alter if wanted, aka “all we will do is anticipate, monitor, and alter if crucial.” Presently, our most well-liked EW depend stays on observe.
Leave a Reply
Want to join the discussion?Feel free to contribute!