Nasdaq100 – Expanding Flat – New Update!

by WaveTrack International| April 3, 2018 | 9 Comments

NASDAQ100 – Technology Stock Slide Over!

Monday’s technology stock slide to slightly lower-lows has now satisfied the necessity of wave [C]’s decline from the mid-March high of 7186.09 unfolding into a five wave pattern. Up until now, it was difficult to determine if last week’s low had ended by then. Especially, as the decline given fib-price-ratio measurements had already traded at 6410.04. But this additional swing lower fits the pattern structure better. Even so, there are two new fib-price-ratio measurements which have converged to form a matrix into Monday’s low at 6322.90 – see fig #1.

NASDAQ100 – 20 mins – Elliott Wave Forecast by WaveTrack International

Its worth recording wave [C]’s decline from 7186.09 as an ‘elongated’ sequence within this expanding flat pattern that began from the February 27th high of 7003.13. This is elongated because it exceeded wave [A]’s fib. 61.8% extension level of 6432.94 by a fair margin – statistically, this is unusual, but we had a notion this might occur because the five wave structure of wave [C]’s decline seemed incomplete. Not the case anymore.

To compensate for wave [C]’s elongation, wave [B] is instead extended by a fib. 61.8% ratio which projects a terminal low to 6331.22+/-. Monday’s low was just a fraction more, to 6322.90. Furthermore, if the five wave impulse pattern of wave [C]’s decline is measured, then extending waves 1-4 by a fib. 61.8% ratio projects a terminal low for wave 5 to 6324.49+/-.

Conclusion

From both structure (qualitative) and measurement (quantitative), the Nasdaq100’s expanding flat corrective pattern is verified as ending into Monday’s low at 6322.90. This opens a clear route higher for the next several weeks – original upside targets for wave (c) remain unchanged towards 7352.83-7381.64+/-.

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