The NASDAQ has finally after some consolidation reached the fibonacci support level 0.786 at 13600 and hereby most likely completed a very short wave 4. Since wave 3 was not greater than wave 1 by 1.618, wave 5 will be based on the length from wave 1 to 3 instead of the usual length of wave 1. We also have a strong support from the 200 moving average indicator where it has bounced twice already. NASDAQ's next target will be 14130 at fib lvl 0.618, 14460 at fib lvl 1 or 14990 at fib lvl 1.618. Good luck to you all and I will keep this post updated, when we come closer to our first target at 14130.
Kommentera:
I was wrong about the length of wave 4 and it seems like it has hit the Fibonacci level 0.618 at price 13459 instead. We could see more pullback to a max of 13362 at Fibonacci level 0.5, but I highly doubt this. I just bought some more positions.