A review of the NASDAQ’s charts

This is an excerpt of this week’s digest available to premium members only. Contrary to the DJIA, click chart to the right, the daily chart of the NASDAQ (see below) has no peak relative strength values (RSI5) but instead sports negative divergences, has triple negative divergence on the MACD and contrary to the DJIA peak money flow…

NDX adds evidence a larger correction is underway

With today’s ugly price action so far, the larger correction we’ve alluded to last week, see here, and even already a month ago: see here, is now taking hold. Note that neither the NYA nor the SPX have gone anywhere over that time frame: forewarned is forearmed and many of our members -including our trading…

NASDAQ Elliot Wave Update

Please find below our preferred Elliot wave count for the NASDAQ (aka $COMPQ). We prefer this index to be minute iii of minor 3 of intermediate iii of major 3 of Primary V. That’s a lot of three’s 😉 but the Fib-extensions for each wave degree overlap rather well. For example; the 200% extension of…

Russell 2000 in larger correction?

Yesterday we posted our preferred count, which tracked the market remarkable well until… well… today (we shouldn’t have posted it ;- ) ). Since we always let price dictate our POV we are therefore forced to change our count -by admitting one is wrong one can start being right- and today we take a look…