Elliott Wave Analysis of COMPQ

The relentless trend from the Feb 2016 could be close to a pause on some tech markets. Particularly the NDX and COMPQ. Both markets can suggest the trend is close to ending either wave [3] or wave [5] from the Feb 2016 lows. Personally I think the better idea is to suggest its close to ending wave [3]. Although I can see the merits of the other idea when I look at a weekly chart, it can clearly be counted as a 9 swing move from the Feb 2016 lows.

If tech stocks are about to decline, then I think its close to a reversal. If you own some of the momentum tech stocks you may want to tighten up those stops.

The alternative idea I am watching, is that its also possible to count it as the end to wave [5], so essentially its the end to the whole move from Feb 2016. However without any serous downside below 5800, I will give the bulls the benefit of doubt and suggest its close to ending wave [3] and setting up for a decline towards 6000 for wave [4]. If the COMPQ declines as I suspect it will, then expect the SOX and NDX to follow.

The NDX is virtually the same as the COMPQ. Whilst I dont track the COMPQ much, I do track the NDX daily. So we have two wave counts that can make a solid case of a decline setting up. One idea suggests a move towards 6000, the other idea suggests a more significant decline below 6000.

The last time I felt this confident was in 2015 and we all saw the result of that setup https://www.wavepatterntraders.com/elliott-wave-analysis-of-compq/

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Disclaimer

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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