Nasdaq Composite

10 Jan 2019 ‚óŹ 04:27 AM

NASDAQ  Composite after a H&S top and sell off is pulling back to test the neckline from below. Neckline pullbacks provide the apt selling opportunities in bear markets. They are the real test of what is going on. The 3 wave rise to the neckline and subsequent failure would be a signal of the next major decline in US tech stocks that is not over. The H&S neckline projection to 5890 has also not been achieved, and remains a pending target for the Nasdaq composite based on the pattern. The wave count is then 1-2-1-2 a series of impulse waves like we have seen on the EEM or World MSCI index, as subsequent waves have overlapped.

nasdaq 100119

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