2655 is the level that needs to break intraday and it’s just 5 points away from doing it..this is a pseudo-morning star bottom formation on a 5th wave down if it clears..
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A bottom would reverse past 7180 in NASDAQ and 2655 in the SPX or 786 of the 5th waves..but we look ok right now and could accelerate to those levels by the close..
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There’s a chance we completed 5 waves down in NASDAQ and SPX but tomorrow there needs to be a big reversal after a hammer candle..that would setup a morning star bottom
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This is the extent of the bounce that we’ve gotten today after yesterdays big slide…resembles a small upward 4 but barely…It does look like 5 waves down before a bigger reversal..
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I’m not as worried as you’d think..I’m seeing this move as a 5th wave down before a much bigger reversal..but not before retesting 6990..I know it’ll hurt a bit but the potential reversal from here would be much greater than the intraday high today..
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If this is just a W2, we’d find support at 7090 or .618 of yesterday’s rally..if we break below that, it would look like a 5th wave down that would retest 6990..
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We got the .382 W4 and now a retracement that I’m kinda worried about..we need to reverse NOW off the lows to get a W3 in..if it fails and keeps fading we could erase all the gains from yesterday and retest the lows in a 5th wave..
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NASDAQ needs to reverse asap off this pattern…zigzag is right at a = c and if it can reverse and go positive, it would setup a W3 into the end of the week..
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SPX looks fine, but NASDAQ is fading back to the intraday lows..this will make it hard to setup an intraday w3 but as long as SPX holds up, there’s a chance we close at the highs..
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The SPX nearly broke the intraday high and there’s a shot at an intraday W3 after an ABC flat/zigzag intraday…NASDAQ is spiking as well, and if it can break the intraday high it would help SPX and dow form the 3..
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