Nasdaq 100

The Nasdaq 100 is in wave B or 2 of a bounce-back that should at least go back to a 61.8% retracement of the decline in 5 waves. The 5 wave decline is marked as W-X-Y-X-Z and in the Nasdaq Composite, it is possible to argue 1-2-3-4-5. We will figure that out. Right now the decline in US indices appears like a dip in a developing uptrend. We can spend more time in wave B/2 down before going higher given the news flow and that is a patience game.