Recent Elliott Wave analysis on NASDAQ indicates a SHORT opportunity is unfolding. The completion of an impulsive wave structure and the start of a corrective ABC pattern suggest a potential downturn. The current price action facing resistance, along with the projection of wave (c) potentially reaching the 1.618 Fibonacci extension level of wave (a), aligns with a bearish outlook.
With overbought conditions and bearish divergence signals on key oscillators, the technicals support this view. Economically, headwinds from interest rate discussions and valuation concerns provide a backdrop for a pullback.
In preparation, strategic entry points are set above current support levels, with targets near the Fibonacci extension and tight stop-losses to manage risk. The aim is to capitalize on the projected corrective wave, leveraging the confluence of technical patterns and broader market sentiment.
With overbought conditions and bearish divergence signals on key oscillators, the technicals support this view. Economically, headwinds from interest rate discussions and valuation concerns provide a backdrop for a pullback.
In preparation, strategic entry points are set above current support levels, with targets near the Fibonacci extension and tight stop-losses to manage risk. The aim is to capitalize on the projected corrective wave, leveraging the confluence of technical patterns and broader market sentiment.
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