$NDX #Nasdaq-100 #Macro Forecast #Weekly
This is a macro wave count of NDX Cash Index (Nasdaq-100):
We can count the rally off the major low made 2002 as an unfolding five wave up structure:
Under that macro bullish wave count the Nov’21 top was 3 of ( C ) of ( 3 ) and the low made i Oct’23 was 4 of ( C ) of ( 3 ) up.
Then this rally is a wave 5 of ( C ) of ( 3 ) up that should make a multi year top and should be followed by a large corrective ( A) down, ( B ) up, ( C ) down structure of a wave ( 4 ) down targeting 10,400 – 7,200.
Its really difficult to accurately predict a short term path to the Red Box. Let’s discuss two possible paths:
Scenario (1) the Less Bullish and a Simple Path:
In theory bulls could keep push it higher to tag the minimum target = 19,320 and then NDX would roll over and start a large corrective wave ( 4 ) down targeting 10,600.
Scenario ( 2 ): The More Bullish and More Complex Path:
I like the More Complex Scenario 2. You can have a look at that scenario in TradingView.