Replies to post #68095 on ajtj99's Market Pulse

[ajtj99]

O-man's update from yesterday for yesterday on the NDX:

Daily view Nasdaq100-Index for Wednesday, 28 December

Review
The chances stood for end of past week for an upward wave quite well, whereby a thick resistance remained existing with scarce over 1.700. The NDX reaches a level of 1.694 points in the trade of yesterday in the point. Here there was however a strong downward movement and a wave overlap at 1.678 points.

Wave picture
With the move under 1.678 the possibility smashed itself that the NDX climbs directly until over 1.700 points. Thus it remains with the corrective character since at the end of November. The positive side here: It concerns only a Seitwaertskorrektur within the intact upward trend. Actually the outbreak is upward already overdue; it should begin before Christmas. An expansion of several days is not however from technical view a leg break.

In principle the NDX until approximately 1,640 points can fall, without in the charttechnischen overall situation something changes. The fact that the index is yesterday again downward turned, leads to week conclusion to a potenziellen lateral movement. First the move of yesterday is locked, which implies further deliveries until at least 1,660 points for the next hours.

, whether from the impulse of yesterday a well defined impulse wave becomes or an extended, individual downward movement is open.

The first case is most probable, so that the NDX runs today in the first meeting half easily in the plus. This Subwave ii' will advance into the range 1,675-78, here will however turn off again downward. In the context of the next downward wave (either as Subwave C '' or iii') the range mentioned should be finally headed for with 1.660 or more deeply.

Those K.O. mark is at short notice about 1.684 points. Only one BREAK leads further Gewinnpotenzial to an early Long signal and gives for the subsequent hours and meets freely.

Result
The Seitwaertskorrektur since at the end of November is still under way. Today it a volatile meeting to give, after a friendly opening is probably undercut later the Lows of yesterday.

[market_watcher]

I'm out of most shorts now. I don't necessarily think we're done, but there should be a slight bounce. If this is an ABC and A=C, we should head to 40.41 on the QQQQ.