Nasdaq has done really well in last 15 months - rallied 70% since Jan '23 and 30% since Oct '23.
EW counts suggest that we are close to the end of a weekly impulse.
There are 2 alternatives counts - however, my bias is with the blue one, which suggests that there is a correction around the corner.
Reason is that there is a topping structure on daily chart.
However, the time for the topping structure to play out is anybody's guess.
My hunch is that it should happen in next one week (for reference check BTC chart for last 2 weeks - expecting a similar breakdown).
EW counts suggest that we are close to the end of a weekly impulse.
There are 2 alternatives counts - however, my bias is with the blue one, which suggests that there is a correction around the corner.
Reason is that there is a topping structure on daily chart.
However, the time for the topping structure to play out is anybody's guess.
My hunch is that it should happen in next one week (for reference check BTC chart for last 2 weeks - expecting a similar breakdown).
Trade closed: target reached:
Target reached. Further downside expected after a pull back.