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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.

NDX monthly 2013

NDX weekly 2013

NDX daily 2013

– This analysis is for members only,