Elliott Wave 5.0 "Reboot"

Tuesday, January 5, 2016

E-Mini Nasdaq 1000 Intraday Chart Review And The Big Gap Review!



At this time this Nasdaq chart is just barely squeaking into an impulse type pattern as my 4th wave is has just kissed the top of my 1st wave. Still, I can work it as a diagonal if this chart dips a bit more. 

What we do have is a monster big gap that opened up as this Nasdaq chart crashed. Any previous gaps that opened on the way up, in the last 2-3 months have all been closed. Will this gap get closed sooner than later or do we have to wait many years or much longer?

The VIX also has a huge gap in it that will only be closed once the VIX hits the $18 price level. 
My bet is that we still have a rally to contend with and that this rally may break an all time new record high for this E-Mini Nasdaq 100 chart.

The US dollar has also broken rank and charged up,  so this could crash the price of gold as well. In short, this could bring back a fit of madness called "Stock Mania"!   This back and forth is not going to go away that easily, but we also have what looks like a 4th wave triangle, which means a minimum one degree higher change must be initiated, once this triangle plays out.  Since I am still working it as a Minor degree, then at a minimum, we should end on an Intermediate degree top.