A long standing member has asked for a wave count of the Nasdaq.
The clearest thing on the monthly chart is the big move downwards ending at 4,021.10 in October 2002. This structure is a five wave impulse. It moves against the trend, so it is corrective. A single five wave structure cannot be a complete correction.
When cycle wave b upwards is complete cycle wave c would be highly likely to move price below 4,021.10 to avoid a truncation.
Cycle wave b may not move beyond the start of cycle wave a. I would not expect new all time highs from the Nasdaq for a long time yet.
Click on the charts below to enlarge.
– This analysis is for members only,