[Forecast] Quick Elliott Wave Look At DOW and NASDAQ 1.07.16 – 5 waves down?

NASDAQ – On the 30 day 1 minute chart since this big drop has been forming, it appears NASDAQ has 5 waves down near completion, with the intraday spike possibly 4 up and 5 down within a 5 of 5 of 5..so this reversal could grow big legs and turn positive…to at least the 382 retracment or higher.. 382 would be positive, but 618 back to 4975-5000(!)

DOW – The DOW appears to have 5 waves down as well and the intraday rally could go positive to the 382 level..that would stop the full downward 3 form a 4 up and 5 down…a 4 again is 382 but a full 618 reversal would target as high as 17350 short term.

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