Elliott wave Points Lower for the NASDAQ-100
This Elliott wave interpretation of the NASDAQ-100 E-MINIS paints a negative picture over the short and intermediate-term. It is not the only interpretation, but it is the best interpretation within the context that the move up from November 2008 was a corrective wave of the prior move down from October 2007, at the higher level of degree.
If price was headed higher in the short-term, I would have expected the key Fibonacci pivot at 1920.50 to have held as support on a back test after the breakout. The subsequent break down of the opening gap from yesterday reinforces the short-term bearish bias.
Note the alignment of natural resistance (now support) and Fibonacci pivots highlighted by blue arrows. How price handles these on the way down could provide additional insight as to whether this is wave 3 of (3) down. 1895 is the next significant level followed by 1868.
Right click on chart (view image) to enlarge
If price was headed higher in the short-term, I would have expected the key Fibonacci pivot at 1920.50 to have held as support on a back test after the breakout. The subsequent break down of the opening gap from yesterday reinforces the short-term bearish bias.
Note the alignment of natural resistance (now support) and Fibonacci pivots highlighted by blue arrows. How price handles these on the way down could provide additional insight as to whether this is wave 3 of (3) down. 1895 is the next significant level followed by 1868.
Right click on chart (view image) to enlarge
Posted by TheMarketDetective at 6/21/2010 10:34 AM 
Categories: Technical Analysis, Fibonacci, Elliott wave
Tags: Fibonacci E-Minis resistance support NASDAQ-100 Elliott wave
Categories: Technical Analysis, Fibonacci, Elliott wave
Tags: Fibonacci E-Minis resistance support NASDAQ-100 Elliott wave
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