Nasdaq Daily Elliott Wave Count cont...

Mar 29, 2022

Nasdaq approaching fast the 200 MA, which may be the intermediate stop for this B wave bull run. B waves develop in 3 moves this first of which looks like an X, being just a straight line up. Note that the 200 MA is still tilted upwards which, by some parameters, indicates that the market is still bullish. This B wave is counter to the A wave which developed from the November highs. The B wave rarely last less than A (commonly close to a 1:1 relation) so we should expect very erratic moves following the first leg of this B. Primary targets of this B remain 15800 to 16200, but this can be more precisely assumed after we get a top of this first leg. Make your trading difficult, because that's what it is.