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SP500 and Nasdaq 100!

by WaveTrack International| May 13, 2019 | 5 Comments

REVERSAL-SIGNATURE!! – SP500 and Nasdaq 100 Decline in 5 Wave Impulse from May Highs – Multi-Month Corrective Downswing Underway

Both the SP500 and Nasdaq 100 cash indices have declined from their early-May highs into last week’s lows into a 5 wave impulse pattern. This confirms a larger, multi-month corrective downswing has begun minor wave ii. two, a regression following the completion of minor wave i. one’s uptrend that began last December. Sell into this week’s bounce!

SP500 and Nasdaq100

SP500 and Nasdaq100

Last week’s declines in the major U.S. indices have now developed lower into five wave impulse patterns. From the May 1st highs into last week’s lows. Friday’s EW-Navigator Supplemental report was unable to identify this Elliott Wave pattern in the futures but it is very evident in the cash indices – see fig #1 [SP500, left] & [ Nasdaq 100, right]. This is confirming December’s five wave uptrend ended minor wave i. one into the early-May highs. For the SP500 at 2954.13 and for the Nasdaq 100 at 7851.03. It also confirms a multi-month corrective downswing has begun minor wave ii. two.

For downside targets, please review Friday’s EW-Navigator Supplemental Report

Conclusion

The opening U.S. session has seen sharp declines following Friday’s late recovery upswing. It’s possible that these declines will be supplanted by another reattempt towards Friday’s late-session highs before larger declines resume to the downside. But this will be obvious within the next couple of hours because any failure to accelerate immediately lower would otherwise indicate a short-term upside recovery.

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Category: Nasdaq100, SP500

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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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