Hello traders!
We are now analizing possible NDX Elliott Wave counts possibilities.
Starting from October's low, price created a leading diagonal (or triple three), labeled as wave W, followed by a double zig zag.
This movement stopped at 15280, declining in a corrective wave and now retracing towards previous top.
This outlines three possibilities:
1.- The whole movement from October's low is a triple three correction in wave (B) to the upside, and now wave (C) is starting towards lower lows. This count will now require an impulsive wave down to break 14200.
2.- The whole movement from october's low is a leading diagonal in wave 1/A, and now a deep retrace is expected, wave A of this retracement should be a flat (3-3-5) , and thus a 5 wave down is expected
3. The whole movement from October's low is the beginning of uptrend resumption, the one labeled in the chart as wave W is a leading diagonal wave 1 and we are currently in wave iv of 3. This will imply either that wave 4 of 3 is finished and we are going for higher highs, or either wave c of iv is about to unfold towards 14300.
In most cases, a 5 wave down to at least 14300 is about to unfold, that's why we opened a short position looking to tp at 14300, sl at 15290
We are now analizing possible NDX Elliott Wave counts possibilities.
Starting from October's low, price created a leading diagonal (or triple three), labeled as wave W, followed by a double zig zag.
This movement stopped at 15280, declining in a corrective wave and now retracing towards previous top.
This outlines three possibilities:
1.- The whole movement from October's low is a triple three correction in wave (B) to the upside, and now wave (C) is starting towards lower lows. This count will now require an impulsive wave down to break 14200.
2.- The whole movement from october's low is a leading diagonal in wave 1/A, and now a deep retrace is expected, wave A of this retracement should be a flat (3-3-5) , and thus a 5 wave down is expected
3. The whole movement from October's low is the beginning of uptrend resumption, the one labeled in the chart as wave W is a leading diagonal wave 1 and we are currently in wave iv of 3. This will imply either that wave 4 of 3 is finished and we are going for higher highs, or either wave c of iv is about to unfold towards 14300.
In most cases, a 5 wave down to at least 14300 is about to unfold, that's why we opened a short position looking to tp at 14300, sl at 15290
