Hello fellow traders. In this technical blog we’re going to take a quick look at the charts of NASDAQ published in members area of the website. As our members know, NASDAQ ended cycle from the December 2018 low at 7879.93 peak. We got decline from April 25 peak that unfolded as an impulsive Elliott Wave structure . The price ended wave ((A)) at 7290 low and we got clear 3 wave bounce in wave ((B)) recovery. Proposed correction reached important technical area (blue box) from where we were calling turn lower.
Let’s take a look at the charts of NASDAQ.
NASDAQ Elliott Wave 30 Min Chart 5.17.2019
NASDAQ has given us short term recovery against the 7879.93 peak. We assume that correction has ended as Elliott Wave Double Three Pattern. Wave ((B)) correction completed at 7642.6 high. We would like to see further separation lower and break of 13th May low in order to confirm next leg is in progress. NASDAQ is not recommended for buying at this stage and we expect further weakness.
It’s important to keep in mind there is black arrow on the chart, that suggests there are no incomplete sequences to trade, hence we would rather stay on sidelines. Black arrows shows the highest path but highest probability path is not the same as highest probability trade. So, we recommend focusing on green / red right side tags or bullish / bearish sequence combined with blue boxes to trade.
You can learn more about Elliott Wave Patterns such as Impulsive Structures and Double Three Pattern at our Elliott Wave Educational Web Page.
NASDAQ Elliott Wave 30 Min Chart 5.28.2019
7642.6 peak held nicely and we got further separation from that high. Eventually NASDAQ broke 13th May low and made incomplete sequences in the cycle from the April 25 peak. Now NASDAQ should ideally keep trading lower as far as pivot at 7642.6 high holds, targeting 7082 area. Short term bounces can be completed. We don’t recommend buying it and favor the short side.
Keep in mind that market is dynamic and presented view could have changed in the mean time. 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. You can check most recent charts in the membership area of the site.
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