compx-4-14-19
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Nasdaq has made enough waves to consider it having topped but may stretch to 8,020
Nasdaq has played out enough waves to consider the last (a)-(b)-(c) structure (the blue labels) having completed. However, it still has not tagged my Red Target box. There is a strong confluence of fibs at 8,020 level. They can easily push it there even this Sunday night (on NQ-mini).
We still have an open question whether the rally off December 2018 low is about to complete here or what we are about to complete is only wave ( iii ) of ( A ) of ( 5 ).
Nevertheless, even if Nasdaq is only topping in wave ( iii ) of ( A ) of ( 5 ), we should get a meaningful corrective wave ( iv ) down.
There are two levels that would work as support for that coming pullback:
First, price will fill the gap up in between created on ( 7,776 and 7,734 ) on 1 Apr 2019
Second, and more importantly, price normally tends to come back and retest the low created by wave ( iv ) of a lower degree. That wave ( iv ) of a lower degree bottomed at 7,579.29 on 25 March 2019
Nasdaq Composite - 15 min chart updated at 5:25 PM on 4/14/2019
