Elliott Wave 5.0 "Reboot"

Monday, January 11, 2016

E-Mini Nasdaq 100 Intraday Crash Review.

This is the March contract with Intraday settings of a 90 minute chart and 1500 bars. I run this as it is the next best thing to a daily chart. There is also many differences between this chart and the cash charts that I normally have used. The individual contract months reflect more what is happening in the Forex markets and the Forex market rarely sleeps except on weekends.  

This produces better flowing charts, eliminating some of these explosive moves in the cash charts. 

Since December 2015 this Nasdaq chart hit a new record top or what can also be a double top. Many times double tops will fool us and give us false readings like a 4th wave top can do. Following this double top the Nasdaq once again declines in a plethora of overlapping waves with another steep decline also containing very diagonal counting waves. 

Right now we have a spike,  and this Nasdaq chart started to reverse. Hopefully we can see more of a rally in the coming days or even coming weeks. So far it all looks like an ending diagonal 4th wave bottom and it would have to crash another additional 400 points or so, to send this wave count to the electronic trash can. 

My bullish consensus report will finish soon so I will no longer comment on that until donations come in to support it, but the last readings for the Nasdaq 100 had a 83% bullish consensus as its high, and a 24 month low of 57%. Last week the Nasda hit a low of 68%, which is not low enough to see a super rally emerge from those readings.  In short, there is nothing too extreme either way at this time.