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Elliott Wave Financial Price Forecasting

Nasdaq 100 Heading for Major Support

by WaveTrack International| November 21, 2018 | 3 Comments

Nasdaq 100 Breaks October Low but Heading for Major Support

  • Tuesday’s early trading sees the Nasdaq 100 futures attempting to break below the October low of 6580.50. This simply extends the early-October decline into a five wave diagonal pattern. A major low is being approached towards 6457.70-6416.00+/-.
  • The Nasdaq 100 has traded deeply inside the early-November recovery advance. However, now the Nasdaq looks set to even break below the late-October low of 6580.50 (futures) – [see fig #1]. But rather than signalling an extended decline, this transforms the early-October decline from 7727.75 into an ending/expanding-diagonal pattern. According to the Elliott Wave principle labelled (i)-(ii)-(iii)-(iv)-(v). Particularly, wave (v) is now in decline but approaching measured downside targets towards 6457.70-6416.00+/-.

    Nasdaq 100 - 240 mins. - Financial Forecasting by WaveTrack International

    Nasdaq 100 – 240 mins. – Financial Forecasting by WaveTrack International

    Note that each impulse wave of the diagonal, (i)-(iii)-(v) subdivides into a required zig zag or double zig zag pattern, i.e. a-b-c. This provides specific pattern-recognition for the diagonal and its probable completion.


    The large-cap indices like the S&P 500 are unlikely to break below the equivalent late-October lows. So this extended trade lower for the Nasdaq 100 represents relative underperformance reflecting the current pessimistic sentiment for FAANG stocks and the like. Allowing for a contrarian opportunity to buy/remain long.

    The larger picture adds this diagonal pattern into this year’s two preceding sequences. Consequently, showing the Nasdaq 100 completing an [a]-[b]-[c], 3-3-5 running flat pattern as minute wave 4. That in itself is very bullish for the next several months into H1-2019.

    Furthermore, the latest update on the Nasdaq 100 can be found in WaveTrack bi-weekly EW-Compass report on the STLG/USD, EUR/USD, US Dollar Index, Bitcoin, SP500, US Dollar Index, Crude Oil, EuroStoxx, Russell 2000, Dow Jones 30, Dax, ASX200 and more! Don’t miss WaveTrack’s regular updates in our bi-weekly EW-Compass Report! Ensure you’re tracking our Forex forecasts – subscribe online for the EW-COMPASS REPORT.

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    About WTI

    WaveTrack International is a financial price forecasting company dedicated to the Elliott Wave principle and work of the R.N. Elliott. Clients include Investment Banks, Pension Funds, Total/Absolute-Return/Hedge Funds, Sovereign Wealth Funds, Corporate and Market-Making/Trading institutions and informed individuals -- & just about anyone who is affected by directional price change.

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