Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of NASDAQ published in members area of the website. As our members know, NQ #F have had incomplete sequences in the 4H cycle , according to Sequence Report. Consequently, we advised clients to keep on selling the rallies in the sequences of 3-7-11 swings whenver get chance.
Let’s take a look at the short term Elliott Wave forecasts and explain the view.
NASDAQ Elliott Wave 1 Hour Chart 3.30.2018
NASDAQ has given is bounce against the 6850.34 peak labeled as wave ((2)) black. Proposed correction has Elliott Wave Double Trhee Structure and the price has reached it’s equal legs 6602.6-6639.72 ( Sell Zone). We have got nice reaction from the selling area, and calling wave ((2)) recovery completed as far as the price stays below current 6654.27 level. We would like to see now more separation from the mentioned peak . As soon as the price reaches 50 Fibs against the (X) blue low, we should make our short positions risk free.
NASDAQ Elliott Wave 1 Hour Chart 4.03.2018
The price held below 6654.27 peak and we got further separation lower.On 2nd April we got new short term low which now makes NASDAQ bearish against the 6654.27 high. As a result members are now enjoying profits within risk free positions.
Currently wave (2) bounce is in progress , correcting the short term cycle from the mentioned peak. We expect bounces to find sellers again in 3,7,11 swings. Keep in mind the market is very dynamic and short term view could have changed or not be valid any more when you look at this chart. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room.
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