Nasdaq Composite – C wave looks to be in finally

After a long drawn out C wave that appears to be a diametric, or ending diagonal pattern, a substantial retracement finally seems likely.  I would like to see it stay below 1875, in other words put my stop loss there on a short trade (or contingency stop with put options).  I am still in the process of making a F-L-H-L chart for the COMPQ intraday for the most recent rally.  It is extremely time consuming, but I should finish soon.

8:52 AM

Nasdaq update

Sorry, I still haven’t gotten around to the chart.  But basically 5/29 to 6/05 looks to be an ending diagonal with a failed 5th.  If the Composite can stay  below 1865.95 (37.08 QQQQ), it is more likely to be confirmed.  Monday’s EOD rally may possibly be a B or 2, probably not complete yet.  More this week…

10:44 PM

Wave count Nasdaq

I believe the third leg of a Zig-zag is nearing completion.  Although the triangle final three didn’t play out in traditional fashion,  I don’t think it is safe to assume that the sideways period from 5/08 to 5/29 was a downward correcting triangle, although it could technically be labeled as such.  Instead of labeling the 5/08 to 5/29 period a-b-c-d-e, I am considering the possibility of labeling it x-a-b, with a small triangle b wave from 5/20 to 5/29.  The C wave should have completed yesterday.  This could be part of an ending diagonal, or a larger triangle final three, or just the end of the third three in the form of a Zig-zag.  I will post a count this evening.  The final three triangle scenario alluded to previously looked good, especially in the SPX, but failed to move to the downside of the coiling pattern that formed, and thus never confirmed a trade.  More later…

1:54 PM

*I’ll try to post that count tomorrow, can’t get to it today…