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Strategies & Market Trends : Technology Stocks & Market Talk With Don Wolanchuk
SOXL 47.78+0.8%Oct 31 5:00 PM EST
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From: #Breeze11/26/2022 4:01:37 PM
1 Recommendation

Recommended By
toccodolce

   of 206723
 
NDX Big Picture Wave Count on a monthly chart. I have often written that I count what I see nor am I a cheerleader. This Wave count for the NDX has been troubling. I've labeled it as Cycle I with the 2000 high; Cycle II with the 2002 low: Cycle III with the 2021 high. So a corrective wave Cycle IV is in play. Note the two H&S top formation. The large one projects to 5220.00 and the small one projects to 9480.00.

tradingview.com

On this weekly chart a more detailed wave count has been labeled. If Wave (C) has not truncated, then this index is going much lower. And I’d have to dust off a bearish count for the Dow and SPX as I can't see NDX going lower but the Dow and SPX moving higher.

tradingview.com
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