Elliott Wave Analysis of NDX

Counting the move from the lows at 6425, the new high on the NDX can now be counted as a possible completed impulse wave. However we want to be a little cautious as I am also tracking another, more bullish idea that can support further upside after a pullback towards 7070-7100. The more bearish idea needs to develop a 5 wave looking decline below 7050, that would be the first strong bearish clue we could use, any subsequent bounce in 3 waves would offer a setup to sell. If the next decline fails to breakdown below 7050 or it appears to be a corrective decline in 3 waves, then the odds would shift to the more bullish idea (idea 1) and support a continuation higher.

Depending on which of the ideas is in progress for the NDX, will likely have a strong impact to the SPX and INDU, as I am currently tracking two ideas for both the INDU and SPX that can suggest either a peak is setting up for a large second wave and a big move lower will be seen, or potentially a new all time high will be seen for both the SPX and INDU. I think the key lies with the next decline on the NDX.

If the SPX and INDU fails to confirm the NDX new all time highs, that is a clear bearish non-confirmation, much like we saw at the March 2018 highs.

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The content of this website is for educational purposes only, the information supplied shall not be construed as a recommendation to buy or sell any security or financial instrument. Wavepatterntraders will not be held responsible for any losses occurring from the information provided within the website. The information expressed within the website is solely the opinion of the author/owner. Wavepatterntraders are not registered investment advisers. Members are strongly urged to consult an investment consultant before making any financial decisions or investments.

Futures trading in stocks, Forex and commodity markets carries a high level of risk and past results are not indicative of future performance, trading may not be suitable for everyone. Information supplied maybe copied or reproduced with the permission from the owner, providing that the full attribution is given to the original source and have the acknowledgment of wavepatterntraders.com or its owner.

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