Last month I showed the monthly candle stick chart of the NASDAQ wondering if it would complete one more wave up, or if it had already entered an intermediate-term correction: see here.
This week the NASDAQ gave us the answer because it closed red for the month of June for the first time since October’s red candle last year: intermediate-iii of major-3 of Primary V has peaked. It fits with the peak RSI5 value (3rd of 3rd waves have max momentum), the peak OBV value (max amount of money being allocated), etc. Note that price came within spitting distance of the 1.618x Fib-extension of (red) intermediate-i, measured from ii: off by only 38 points. I therefore now expect intermediate-iv to bottom in the red target zone box: the 23.6 to 38.2% retrace of all of intermediate-iii: $6050-$5850. Those are the standard retrace percentages for a 4th wave. This is also around the March levels; and as we can see there’s been some backing and filling then and there. And lastly the 100% Fib-extension sits at around $5850. Depending on how deep the retrace will be, and baring any non-foreseeable extensions of the 5th wave, intermediate-v should then ideally reach around $6650-$6750 to complete all of major-3.
Figure 1. COMPQ monthly TI chart. Intermediate-iii of major-3 completed. Intermediate-iv underway.