Nasdaq Short-Term Elliott Wave Analysis – January 7, 2016
Elliott Wave Forecast | Jan 06, 2016 11:25PM ET
Nasdaq
Short term Elliott Wave cycle suggests a bounce to 5117.3 ended wave (X). First leg of decline from this level unfolded in a zigzag and ended wave W at 4847. Wave X bounce is proposed complete at 4926 and the Index has resumed lower again. Decline from 4926.2 unfolded in 5 waves and ended wave (a) at 4804.7. Wave (b) bounce is currently in progress towards 4865 – 4879 area before the Index resumes lower again, provided that wave X pivot at 4926 stays intact.
As an alternate view, the decline from Wave (X) at 5117.3 to the last low at 4804.7 can be in 5 waves and ended wave A. If this is the case, then Index can now bounce in wave B to correct the entire decline from 5117.3 before resuming lower again. In other words, we expect more downside in the Index against 4926.2 in the first degree. If this pivot fails, then we expect more downside in the Index against 5117.3 in the second degree.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.