Are we close to end of current sell pressure? Probably yes ! When it ends? Lets Follow !
Nasdaq 100 Index is beautifully inside a parallel channel and is reaching to base of channel one more time . Elliott wave count suggests that we are in wave iv correction. This correction may end at 15024 corresponding to 0.382 retracement of wave iii. There is a nice confluence at the base of channel and mentioned retracement . Moreover, Stochastic indicator is reaching to oversold zone Which supports our idea well.
If true, One more leg up (wave v) will start to complete a larger degree wave cycle. This up coming wave will push up the index to the upper bond of channel at strong resistance formed by different types of fibonaccis around 17673-17840 zone.It is wise to be careful about long positions there since there will be a more powerful than the current sell off ! . Note the timing ! Interesting! it is close to announced firs step Fed action to increase the rates !
Current index is just around 3-4 % over our first mentioned support. So, I expect current sell of to be ended soon actually in a few days!
Please note this is a before the fact prediction. should it need any update, We can do it later !
Good luck my friends.
Nasdaq 100 Index is beautifully inside a parallel channel and is reaching to base of channel one more time . Elliott wave count suggests that we are in wave iv correction. This correction may end at 15024 corresponding to 0.382 retracement of wave iii. There is a nice confluence at the base of channel and mentioned retracement . Moreover, Stochastic indicator is reaching to oversold zone Which supports our idea well.
If true, One more leg up (wave v) will start to complete a larger degree wave cycle. This up coming wave will push up the index to the upper bond of channel at strong resistance formed by different types of fibonaccis around 17673-17840 zone.It is wise to be careful about long positions there since there will be a more powerful than the current sell off ! . Note the timing ! Interesting! it is close to announced firs step Fed action to increase the rates !
Current index is just around 3-4 % over our first mentioned support. So, I expect current sell of to be ended soon actually in a few days!
Please note this is a before the fact prediction. should it need any update, We can do it later !
Good luck my friends.
Nota
Well, It lost our first support as a result of panic in the market due to FED decision to increase the rates!!. Lets see how index reacts to our second support 14486.63 corresponding to 50 % Retracement.
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