NDQ Elliott Harmonic Elliott Wave and Hurst's Cyclic Analysis
Overview: in the previous update published on July 18th, I had Nasdaq super close to the peak of wave 3 (15923.32 or 15980.27 as the potential target) and expected wave 4 as a 40W cycle trough to come next.
Update: we were spot-on identifying the peak time and price. We peaked on July 19th at 15943.45 and started wave 4 since then.
Analysis of the structure:
I see wave 4 developing as a flat correction. At this point, I expect a bit of push to the upside to complete wave b of 4 (also developed as a flat correction, complicating this whole price action a lot), then we start a 5-wave move to the downside as wave c of 4.
Based on fib retracement of wave 3, I have 15172.98 as a potential target for the bottom of wave 4.
Analysis of the cycles: we are in the second 20D cycle of the second 40D cycle of the 80D cycle of the second 20W cycle of a 40W cycle.
I am expecting the upcoming 40W trough in the middle of August. So far, there is no FLD break to the downside yet to come up with targets.
Update: we were spot-on identifying the peak time and price. We peaked on July 19th at 15943.45 and started wave 4 since then.
Analysis of the structure:
I see wave 4 developing as a flat correction. At this point, I expect a bit of push to the upside to complete wave b of 4 (also developed as a flat correction, complicating this whole price action a lot), then we start a 5-wave move to the downside as wave c of 4.
Based on fib retracement of wave 3, I have 15172.98 as a potential target for the bottom of wave 4.
Analysis of the cycles: we are in the second 20D cycle of the second 40D cycle of the 80D cycle of the second 20W cycle of a 40W cycle.
I am expecting the upcoming 40W trough in the middle of August. So far, there is no FLD break to the downside yet to come up with targets.
