Quick Elliott Wave Look At NASDAQ and DOW for 1.19.16

NASDAQ – if NASDAQ turns around and breaks 4600 by the close i would setup a 5 wave bottom and reversal..but even if it does fade and goes red it’s ok…that would be an ABCDE of ending diagonal as well, so in either case I expect a much stronger reversal this week…both up or down would result in a 618 reversal.

DOW – DOW needs to break 16300 on a reversal to setup a 5th wave bottom and 618 reversal…but like NASDAQ if it does fade and go red below last week’s lows, it’s ok..that would be an ABCDE ending diagonal just like NASDAQ before a bigger 618 reversal;;

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