I want to take note that on the long term wave count (See link below) I have 6000 as the end of a blue 5th wave that encompasses a long term purple 5th wave. Upon analyzing a medium term daily chart I am not yet convinced that the blue 5th wave will end @6000 The NDX could now be in a Orange 2end wave. This would mean that there's an orange 3erd wave move higher which would mean that we would still be in both the 5th blue and purple waves.
If price breaks below the 618 retracement which also coincides with a rising trend line then we should see a move back down to 5600 - 5567 than that would cancel a Orange wave 3 higher and confirm the end of the 5th Blue and Purple waves @6000 This would lead to a volatility increase and a long consolidation period.
Levels to take Note:
If price breaks below the 618 retracement which also coincides with a rising trend line then we should see a move back down to 5600 - 5567 than that would cancel a Orange wave 3 higher and confirm the end of the 5th Blue and Purple waves @6000 This would lead to a volatility increase and a long consolidation period.
Levels to take Note:
- 5695.8 - 6000 All time highs
- 5750 - 5737.9 618 Retracement of the pasable 1st Orange wave move up If broken would invalidate a 3rd Orange wave move Higher
- 5600 - 5567 Key medium term support.
- 6166 - 6200 Potential Orange 3rd wave targets
