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Has the Tech bubble burst - Nasdaq Composite

27 Jan 2016 ‚óŹ 11:12 AM

The Nasdaq continues to hold onto its long term rising channel from the 2009 low. It also did not break its August 2015 low. In doing so it is not possible to call a long term top on the Nasdaq as yet. Bubble burst? Not certainly. In fact if these levels hold we can project a 9th impulse wave up [wave 5] equal to the first all the way to 6000 on the Nasdaq composite on a Arithmetic chart. Note that the composite has been correcting from an all time high reading that was only marginally above the Y2K top. So it is also easy to call a double top, but a price confirmation is missing.

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