EWT's Nasdaq-100 Forecast
Near-Term Nasdaq-100
Introduction to Elliott Wave Technology's periodical briefs
As a service to the financial, investment, and trading communities, and in
holding our longer
range forecasts to task, on a rotational basis, we shall provide periodical
briefs for each of the seven broad markets covered within our premium
publications.
The near-term chart and forecast shared herein shall provide a brief summary as to where it resides within four of Elliott's nine fractal degrees of trend:
- Minor Degree [1, 2, 3, 4, 5, a, b, c, etc.]
- Minute Degree [1, 2, 3, 4, 5, a, b, c, etc.]
- Minuette Degree [1, 2, 3, 4, 5, a, b, c, etc.] and
- Sub-Minuette Degree [1, 2, 3, 4, 5, a, b, c, etc.]
This brief contains a highly condensed rendition of the more thorough coverage dispatched via multi-chart video presentations supplied with our Near Term Outlook publication.
This brief shall impart unbiased technical assessments along with equally viable alternate prospects relative to this markets near-term directional outlook. Without further ado, we present to you, recent price action observed in the...
...NASDAQ-100 Daily Bar Chart
Assessment and Forecast | Near-Term:
BULLISH PERSPECTIVES:
From its 1700 print low in July of 2010, the Nasdaq-100 has traced out a clear
five-wave upward advance. In observing that low as wave ‘b' at the
Minor degree, the subsequent five-waves of advance currently nearing completion
is then viewed as taking place at the smaller Minuette degree. Once the current
Minuette 5th wave is complete, it will mark terminal to Elliott's next fractal
one dimension larger, which would cite the noted -1- wave at the Minute dimension
of trend. Since October of 2010, our proprietary indicator located in the
lower panel of the chart continues to display a firmly bullish trending posture
for the NDX.
BEARISH PERSPECTIVES:
An equally viable bearish prospect is observed when calibrating the July 2010
low as that of a 4th wave terminal at Minor degree. Doing so raises the odds
that the current five-wave advance is nearing a fifth-wave-end rather than
a first-wave-start to its Minute degree wave sequence. This rather bearishly
implies that the current advance will end a completed five-wave Minor degree
structure from the bear market lows registered in 2008-2009. Bearish momentum
divergences persist against the recent succession of fresh print highs posted
in the Nasdaq-100.
Until next time,
Trade Better/Invest Smarter
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Author: Joseph Russo
Joseph Russo
Chief Editor and Technical Analyst
Elliott Wave Technology
Joseph Russo, presently the chief editor and analyst for Elliott Wave Technology, has been studying Elliott Wave Theory, and the Technical Analysis of Financial Markets since 1991 and currently maintains active member status in the "Market Technicians Association." Joe continues to expand his body of knowledge through the MTA's accredited CMT program. Having passed the Level I examination in November of 2004, Joe is now preparing to begin study for his Level II exams. Upon successful completion of an exhaustive level III examination he will have earned the industries highly regarded designation of Chartered Market Technician.
Copyright © 2006-2012 Joseph Russo
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