Several days ago I posted an alert of Three Gaps. Today Nasdaq made a fourth gap! in one wave. At this point the index is highly expected to retrace.
- If NDX does not make a new ATH and starts the reversal, I would be viewing the wave down as wave C of the correction that started in the middle of February. In this case the wave would be rather fierce.
– minimum 0.786 of wave A – 12450
– 1.618 – 11060
– 2.000 – 10420
The targets will be clarified later as the wave unfolds.
The blue counts and the rectangle are for this particular projection.
- If NDX make an ATH tomorrow, it would align with SP500 and DJI from the waves perspective. In this case, the correction would only begin and it would require at least one week of candles for a preliminary analysis. The weekly candle tomorrow would be of great importance.
- I am seeing a possibility of a much bigger correction. I touched this subject in my monthly overview and would require at least 1-2 weekly candles in April to discuss this further.
- If NDX does not retrace tomorrow or on Monday, it could rally for another 1-2 weeks with a chance of repeating the conditions similar to January 2018 or February 2020.