Two weeks ago I was looking for the NASDAQ-100 (NDX) to reach the “Ideal target for all of minor-5 / intermediate-iii: $7165-7290.” Well… “You have arrived” 🙂 as it tagged $7291.31 on Thursday after nicely subdividing -as forecasted- and since started to decline a bit. That’s what expert and accurate stock market forecasting does for you! You bet my premium members are loving it!
Ideally we should now see a decline back to the 100% Fib-extension at around $6950 before the next and final leg up for this impulsive looking move off the early-April low has completed. Since I expect it to be a 4th wave, it will most likely be choppy and either in the form of a flat correction or triangle; both will be hard to trade. Note the word “Ideally” because price can of course always extend, there’s no foretelling if that will happen or not, but all we can work with are ideal Fib-extensions and retraces until the market tells us it will behave differently. Nonetheless, these parameters already work well as the NDX did get to where we were looking for 2 weeks ago. That’s a headache free 2.8% gains right there.
Hence, for now I am looking lower as price reached its ideal target; there’s waning momentum on the MACD; negative divergence on the RSI5; and my A.I. buy/sell indicator is starting to point down albeit not on a sell just yet. A move over $7291 will have me adopt a Bullish stance again and look for the 176.40 to 200.00% Fib-extensions. One step at the time as each step will need to follow the market. No front running required.
Arnout aka Soul
PS: In case you missed it, last week I launched my private twitter feed where I give intra-day buy/sell alerts, Bull/Bear scans etc. The table below shows the trading performance of our first week, and it was market beating. Up 1.8% while the S&P500, NASDAQ and RUSSELL2000 were only up 0.02%, 1.4% and 0.7%; respectively.
Again, that’s what “expert and accurate” real-time trading alerts/tweets can do for you.
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