Nasdaq - Patience !
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We have to look at current price action as a potential WXY correction since wave (x) retraced "only" 78.6% of the prior 3 wave decline.
Right now we seem to have a 5 waves drop which could be wave a of the higher degree wave (y).
Price is now at a potential support zone from which we could see a bounce and retracement of current decline, after which, another drop below support could be seen towards 12600, where we have to find support if the bullish narrative is to remain our primary outlook.
Notice also that we have another potential Head and Shoulder pattern forming which if correct should take price towards 12200 BUT if price goes according to the above statemen,t down to 12600 and rallies back higher, the then failed H&S would again be a great bullish sign !
Right now we seem to have a 5 waves drop which could be wave a of the higher degree wave (y).
Price is now at a potential support zone from which we could see a bounce and retracement of current decline, after which, another drop below support could be seen towards 12600, where we have to find support if the bullish narrative is to remain our primary outlook.
Notice also that we have another potential Head and Shoulder pattern forming which if correct should take price towards 12200 BUT if price goes according to the above statemen,t down to 12600 and rallies back higher, the then failed H&S would again be a great bullish sign !
Nota
Nasdaq - Bigger picture. Primary count Nota
Nasdaq - Bigger picture. Alternate count 
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Don't forget my public Telegram channel -
t.me/em16public
Thanks !
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