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Nasdaq 100 – Downswing Test

by WaveTrack International| December 3, 2019 | No Comments

Nasdaq 100 – Corrective Zig Zag Downswing Test at 8168.25+/-

  • Just a few moments ago, the Nasdaq 100 tested support at 8168.25+/-. That defines the completion of a corrective [A]-[B]-[C] zig zag pattern from yesterday’s high of 8457.25 (-3.4%). Should it hold above now, and push higher, it would indicate the sell-off has completed with a resumption of the larger uptrend.

    • U.S. indices have declined from yesterday’s highs into three wave sequences. Their measurements into the lows traded just a few moments ago fit the profile of a corrective [A]-[B]-[C] zig zag pattern. Therefore, the Nasdaq 100 is a good example of this archetypal pattern but it also applies to the SP500 and Dow Jones futures indices.

    The Nasdaq 100 traded lower yesterday, from 8457.25 settling into an overnight low of 8276.50. This can be labelled as ending wave [A] of the zig zag – see fig #1. Wave [B] ended earlier this morning at 8337.50 and [C] a short while ago at 8168.25.

    Nasdaq 100 - 20 mins. Elliott Wave Financial Forecast

    Nasdaq 100 – 20 mins. Elliott Wave – Financial Forecast – WaveTrack International

    Note that by extending wave [A] by a fib. 61.8% ratio projects the exact terminal low of wave [C] at 8168.25.

    But any immediate, accelerative break below 8168.25+/- would negate this bullish outlook. As a result, it would confirm larger declines ahead.

    Conclusion

    However, should indices hold above the lows seen just a few moments ago and begin to push higher tonight and through tomorrow, it would heighten the probability that this corrective downswing has already completed as sub-minuette wave (iv). We’ll be updating the larger activity/patterns in tomorrow’s EW-Compass report.

    Despite the potential for this low in U.S. indices, we still expect larger declines to unfold for the US10yr treasury yields, Emerging Market indices and commodities like Copper and Crude Oil.

    WaveTrack’s Elliott Wave Compass report

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    Category: Elliott Wave, Nasdaq100

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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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