Replies to post #59602 on ajtj99's Market Pulse

[ajtj99]

O-man and the NDX? Here's what he's saying today:

UPDATE Elliottwaves Nasdaq100-Index

For the process of the past week a lateral movement was expected. In the meantime however a loadable Top should be formed, which lies with maximally 1,604 points. Until including Thursday there was actually no considerable trend movement. Only on Friday something momentum came on the Long side, whereby 1,604 one reached and one exceeded briefly before commercial conclusion even by some points.

The charttechnische starting position is unchanged for weeks. On daily basis there is a hurdle, which the index with high probability will not overcome with the resistance with approximately 1.630/40. At least not, as long as the Seitwaertskorrektur of the past months is final.
This can wave technical be justified with a complex tri fishing correction, with which still another partial wave C of (E) is downward missing. It is not important whether the NDX actually falls into de 1.460-er range or already forms on somewhat higher level a correction Low. In any case one should lie this wave C however below the August Lows with approximately 1,550 points.

Wave-technically well-known-measured the rise of the past two weeks counted as wave B of (E). However changes in the internal Wavecount of this wave B are necessary, since a Zigzag is not present completely obviously. But the expansion from Friday was to strong.

Of importance is the fact that it did not give wave overlap with the mini Top from 01 September on Thursday. Thus the possibility of an impulse counting remains existing. Indeed it acts with the rise since at the end of of August around a sequence of single pulses. However no clearly definable main drive shaft is present. Since a corrective COUNT is favored anyway, a double Zigzag is the most probable correction sample.

In the original view of a Topbildung with following Downmove nothing changes. If one takes the past wavelengths as projection yardstick, an ideal goal for the wave c2 of 1.613/14 results points. On the Long side a niedergradige Subwave 5' is only missing ', so that the NDX should start on Monday friendly into the trade, but turns off fast downward.

After this Top it of central importance will be, as far the NDX falls. To the discussed COUNT belongs a clear downward wave, which leads to week center to the BREAK of the intact boom trend. Up-to-date this delimitation is in the lower 1.590-er range. The BREAK and also the move under 1.588 are compellingly necessary later, so that further kursverluste to clear are realized under 1.550.

If the NDX in the first week half should note only sideways, speak the boom trend successfully to defend, is not upright receiptable the favored scenario any longer. In this case some changes also on daily basis, since then from a wave (D) not locked yet must be proceeded, which to at the beginning of November even a Gewinnpotenzial to maximally 1,672 possesses.

In the long run thus the week prognosis looks nearly exactly the same, as already from the past weekend, only somewhat more tightened: The NDX should lock the upward correction and look downward in the further week process.

Result:
The at short notice central support lies with 1.588 and/or in the lower 1.590-er range. The BREAK of this support releases clear Abwaertspotenzial. In the ideal case this support falls in the second week half, after the NDX formed the Wochentop on Monday with 1.613/14.


He's basically moving his top up about 4-points a day. He'll be at 1627 by the end of the week at this rate <G>