ajtj99's Market Pulse

[Culmus]

NDX: Intraday

With yesterdays losses the NDX got closer to the minimum target of 1420. Price patterns to the daily low were impulsive so that starting from the top of the last weeks a complete impulse wave can be counted.

Concerning the bigger count the problem persists that the pattern of last week cannot be integrated into a wave b when sticking to the rules. Still, the count of a wave c since 1478 is the only reasonable working count at present. The count and the prognosis remain questionable until the wave patterns either confirm or deny it.

Yesterdays low already fulfills all requirements for a five wave down and a complete wave c. The possibility of an extension remains as the retracement at 23.6% was not exceeded.

Only the very short term patterns give hints. As these were corrective from yesterdays low a time extension of yesterdays correction is probable. Assuming a flat correction the NDX should fall in early trading to 1428 and end the sideways correction with a subwave c' around 1440. A higher resistance is at 1447.

If the price patterns continue to be corrective - which appears likely at present - there should come further losses in the second half of trading. At disposition is still the support at 1420.

Conclusion:

The patterns continue to be difficult to count. But there is an advantage to the scenario that has the NDX going first sideways then further down (1420).