NASDAQ Nearing the End of Primary 3 - Elliott Wave Forecasts
As the NASDAQ 100 approaches the likely top of Primary ((3)) I'm left seeing many possibilities that suggest majorly sideways price action for the next few weeks to months; however, an extension of Intermediate (5) is possible, which would be quite bullish for that period instead.
Primary ((2)) (not shown) was a zig zag that lasted around 7-8 trading days. I suspect Primary ((4)) will be a type of triangle or flat that will last approximately 14, 21, 34, or 55 trading days.
If Intermediate (5) fails to extend we're looking at a picture of Intermediate Degree truncation which suggests a near term thrust down to likely targets of $15,149 or $14,672. I expect that to be followed by sideways price action within the parallel channel until Primary ((4)) has completely played out.
If Intermediate (5) does extend, a likely top should be between $18,035 and $18,486. This will be followed by Primary ((4)) which should retest the top of the broken parallel channel, with potential for more downside to the bottom of the channel.
Primary ((2)) (not shown) was a zig zag that lasted around 7-8 trading days. I suspect Primary ((4)) will be a type of triangle or flat that will last approximately 14, 21, 34, or 55 trading days.
If Intermediate (5) fails to extend we're looking at a picture of Intermediate Degree truncation which suggests a near term thrust down to likely targets of $15,149 or $14,672. I expect that to be followed by sideways price action within the parallel channel until Primary ((4)) has completely played out.
If Intermediate (5) does extend, a likely top should be between $18,035 and $18,486. This will be followed by Primary ((4)) which should retest the top of the broken parallel channel, with potential for more downside to the bottom of the channel.
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