Shack..the 5100-1619 A-B-C corrective wave..
Here's a little more detail into the 5-3-5 A-B-C corrective wave from 5120-ish to 1619.
Let me start with the 5 wave "A" wave down.
The NASDAQ numbers are approximate, because I don't have detailed 5 minute charts going back that far, but here goes.
Wave A: Wave 1 was 5120 to 4500, Wave 2 was 4500 to 5050-5089, Wave 3 was 5 waves down from 5050-5089 to 3250, Wave 4 was 3 waves up to 3250-3900, and Wave 5 was 5 waves down 3900 to 3050-3100.
Wave B: 3 waves up from 3050-3100 to 4250.
Wave C: Wave 1 was 4250 to 3550, Wave 2 was 3550 to just under 4200-4250, Wave 3 was 5 waves down, 4200-4250 to 2251, Wave 4 was 3 waves up from 2251 to 2880-2900, and Wave 5 was 2880-2900 to 1619 (About 1.618 X Wave C's wave 1 if about 700-750 points)
Wave A had 5 waves down, Wave B had 3 waves up and Wave C had 5 waves down.
That would mean the first wave of the new bull market would be 1619 to 2328, and Wave 2 should be completed sometime next week if the NASDAQ breaks 1973.70.
If the NASDAQ doesn't break 1973.70 and bounces over 2193, that means this would be Wave 3. But if only bounces to the 2080-2090 level, than I'm looking for NASDAQ 1885-1900 (.618 Fib retrace of 1619-2328). |
