In my latest chart analysis of the NASDAQ (US100), I've employed Elliott Wave Theory to forecast potential price movements. This theory, which is based on investor psychology and price patterns, suggests that markets move in repetitive cycles due to the collective emotion of market participants.
The chart shows a completed bullish impulse wave pattern, labeled (1) through (5), with the corrective waves (A), (B), and (C) also visible. We're currently at the end of the corrective phase (4), which sets the stage for the final wave (5). This is where I anticipate the next bullish run to commence, potentially pushing the index to new highs.
The two projected targets for the completion of wave (5) are marked on the chart. The first target is set at the 100% Fibonacci extension of wave (1) at 17285.2, while the more ambitious second target aligns with the 161.8% Fibonacci extension level at 17967.2.
As waves four and five unfold, I'll be closely observing price action for confirmation of the trend continuation. If the pattern holds true, we may witness the NASDAQ ascending towards the calculated targets. As always, I remain cognizant of market dynamics and ready to adjust my strategy accordingly.
Do note, while Elliott Wave Theory provides a structured means of understanding market movements, it's essential to combine this analysis with solid risk management principles and to align it with your personal trading plan.
The chart shows a completed bullish impulse wave pattern, labeled (1) through (5), with the corrective waves (A), (B), and (C) also visible. We're currently at the end of the corrective phase (4), which sets the stage for the final wave (5). This is where I anticipate the next bullish run to commence, potentially pushing the index to new highs.
The two projected targets for the completion of wave (5) are marked on the chart. The first target is set at the 100% Fibonacci extension of wave (1) at 17285.2, while the more ambitious second target aligns with the 161.8% Fibonacci extension level at 17967.2.
As waves four and five unfold, I'll be closely observing price action for confirmation of the trend continuation. If the pattern holds true, we may witness the NASDAQ ascending towards the calculated targets. As always, I remain cognizant of market dynamics and ready to adjust my strategy accordingly.
Do note, while Elliott Wave Theory provides a structured means of understanding market movements, it's essential to combine this analysis with solid risk management principles and to align it with your personal trading plan.
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