EWT's Nasdaq-100 Forecast

By: Joseph Russo | Thu, Jan 13, 2011
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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:

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
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.

Elliott Wave Nomenclature

Until next time,
Trade Better/Invest Smarter

 


 

Joseph Russo

Author: Joseph Russo

Joseph Russo
Chief Editor and Technical Analyst
Elliott Wave Technology

Joseph Russo

Since the dot.com bubble, 911, and the 2002 market crash, Elliott Wave Technology's mission remains the delivery of valuable solutions-based services that empower clients to execute successful trading and investment decisions in all market environments.

Joe Russo is an entrepreneurial publisher and market analyst providing digital online media solutions designed to assist traders and investors in prudently and profitably navigating their exposure to the financial markets.

Since the official launch of his Elliott Wave Technology website in 2005, he has established an outstanding record of accomplishment, including but not limited to, ...

  • In 2005, he elicited a major long-term wealth producing nugget of guidance in suggesting strongly that members give serious consideration to apportioning 10%-20% of their net worth toward the physical acquisition of Gold (@ $400.) and Silver (@ $6.00).

  • In 2006, the (MTA) Market Technicians Association featured his article "Scaling Perceptions amid the Global Equity Boom" in their industry newsletter, "Technically Speaking."

  • On May 6 of 2007, five months prior to the market top in 2007, though still bullish at that time, he publicly warned long-term investors not to be fooled again, in "Bullish Like There's No Tomorrow."

  • On March 10 of 2008, with another 48% of downside remaining to the bottom of the great bear market of 2008-2009, in "V-for Vendetta," using the Wilshire 5000 as proxy, he publicly laid out the case for the depth and amplitude of the unfolding bear market, which marked terminal to a rather nice long-run in equity values.

  • Working extensively with EasyLanguage® programmer George Pruitt in 2010 and 2011, the author of "Building Winning Trading Systems with TradeStation," he assisted in the development of several proprietary trading systems.

  • On February 11, 2011, he publicly made available his call for a key bottom in the long bond at 117 '3/32. Within a year and half from his call, the long bond rallied in excess of 30% to new all time highs in July of 2012.

  • For the benefit of members and his general readership, he responded to widespread levels of economic and financial uncertainty in the development of Prudent Measures in 2012.

  • He publicly warned of a major top in Apple on October 26, 2012 in the very early stages of a 40% decline from its all time high.

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