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Nasdaq - Bullish evidence quite convincing !

Diupdate

It seems we're finishing wave v of potential wave (c), thus forming a Bullish Head and Shoulders pattern.

So, we have the previous bearish Head & Shoulder pattern that failed (=bullish) + now a bullish one + wave count suggesting a continuation higher.

I don't know about you, but that's enough evidence for me to look to buy this.

Catatan

Nasdaq - Stop can be placed at break-even.

Catatan

Stop was touched.

Catatan

We have to look at current price action as a potential WXY correction since wave (x) retraced "only" 78.6% of the prior 3 wave decline.
Right now we seem to have a 5 waves drop which could be wave a of the higher degree wave (y).

Price is now at a potential support zone from which we could see a bounce and retracement of current decline, after which, another drop below support could be seen towards 12600, where we have to find support if the bullish narrative is to remain our primary outlook.

Notice also that we have another potential Head and Shoulder pattern forming which if correct should take price towards 12200 BUT if price goes according to the above statemen,t down to 12600 and rallies back higher, the then failed H&S would again be a great bullish sign !

Catatan

Nasdaq - Bigger picture. Primary count

Catatan

Nasdaq - Bigger picture. Alternate count

ElliottWaveBelgium

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