Here is a wave count that I have for the NASDAQ using QQQ. I am willing to guess that we are about at the end of subwave 3 of wave 5. If history holds, then sometime in the next month or two we should see a leveling off and about a 18% correction. After that, we could see a strong rally on the order of 70% to the top.
Note how QQQ seems to crossover the trendline on the wave 4 correction, and then rallies back to touch the line at the end of wave 5. Well, that is what I see if my wave count is correct.
After that, I have no idea what will happen. That should complete a full Elliott motive sequence of 5 waves. Will it look like the dot com bubble or just go sideways and slowly down? Don't have a clue, but what matters is that I still see a lot of upside available. Fingers cross for a great entry point in the next few months.
It may be easier to see in the image. I have a new ultra-wide monitor that makes it hard to know what shows well in a published idea.
1D close up
Note how QQQ seems to crossover the trendline on the wave 4 correction, and then rallies back to touch the line at the end of wave 5. Well, that is what I see if my wave count is correct.
After that, I have no idea what will happen. That should complete a full Elliott motive sequence of 5 waves. Will it look like the dot com bubble or just go sideways and slowly down? Don't have a clue, but what matters is that I still see a lot of upside available. Fingers cross for a great entry point in the next few months.
It may be easier to see in the image. I have a new ultra-wide monitor that makes it hard to know what shows well in a published idea.
1D close up
