Nasdaq should bounce to the upside soon
Fib extension coordinates using first impulse wave from Oct 26, 2023 price levels
#1 14062.16
#2 14118.99
#3 14058.33
Of course fib extension tool is modified removing irrelevant prices with real fib numbers. There are fibs past 1.618 :)
Technically we're sitting (Green arrow) on support; previous resistance (Black arrow)
We are looking at price chart combining a fib retracement tool between fib extension tool levels between 89 and 144. You can easily see how we broke down on Jul 10,2024 at .5 fib retracement creating a 5 wave impulse.Based on this movement and Elliot wave, we should see an aggressive 3 wave correction. I think A and B and already complete with a longer C wave forming back to $19,673 area.
#1 14062.16
#2 14118.99
#3 14058.33
Of course fib extension tool is modified removing irrelevant prices with real fib numbers. There are fibs past 1.618 :)
Technically we're sitting (Green arrow) on support; previous resistance (Black arrow)
We are looking at price chart combining a fib retracement tool between fib extension tool levels between 89 and 144. You can easily see how we broke down on Jul 10,2024 at .5 fib retracement creating a 5 wave impulse.Based on this movement and Elliot wave, we should see an aggressive 3 wave correction. I think A and B and already complete with a longer C wave forming back to $19,673 area.
Note
This is complete :)
If we go above "C" looks like the end is not near.
Otherwise this is wave A down of either a large A_B_C pattern or wave 1 of a much larger 5 wave pattern.
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