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NASDAQ Elliott Wave Midday Update – April 12, 2024
The NASDAQ index has once again encountered the formidable 16,500 resistance level, marking the 8th confrontation with this barrier in the past two months. As anticipated by our previous analysis, the index faced a significant setback upon reaching this critical juncture.
The gains from yesterday’s rally have been nearly entirely erased, setting the stage for what appears to be a potentially challenging C wave. This wave could lead to a more pronounced downturn, making the current market environment particularly unpredictable and volatile.
Given these developments, our downside ABC target for NASDAQ is now set between 15,500 and 15,700. In light of the current market conditions and the apparent strength of the 16,500 resistance level, our stance remains cautious. We have decided to stay sidelined until clearer signs of market direction emerge.
The 16,500 level continues to act as a formidable cement wall for NASDAQ, making it a particularly daunting resistance level at this time. Traders and investors should exercise caution and closely monitor the market’s behavior around this crucial level before making any significant trading decisions.
As always, it’s essential to stay informed and adapt to rapidly changing market conditions. While the Elliott Wave Theory provides valuable insights into potential market movements, it’s crucial to remember that market dynamics are influenced by a myriad of factors. Unexpected news events, geopolitical tensions, and economic indicators can all play a significant role in shaping market sentiment and direction.
We will continue to monitor the situation closely and provide updates as the market evolves. In the meantime, prudent risk management and patience are advised to navigate the current market landscape successfully.
