Nasdaq Composite

I have been contemplating this for a while but was not ready to pen it down, till now, reason being that it does not fit all indices like the Dow, but the S&P too can show 5 waves down. So what am I saying here? The moves in November were part of a running correction earlier marked as wave 2 flat, but it can be a running triangle in wave 4 as well. In that case the entire fall from the high in Sept to the Bottom in Dec is a 5 wave decline and the bounce is wave 2 retracement. That explains the steep retracement to almost the 50% mark near 7174, a few more subdivisions and we will get there in a few days. Then the next move down will be wave 3 at large degree. Fingers crossed and watchful.

This also explains the US VIX also moving in 5 waves and the steep pullback.