US 100 Cash CFDShort
NASDAQ is look to GROP at the moment.
The chart provided uses Elliott Wave Theory to analyse the NASDAQ 100 index. Here is a breakdown of what the chart indicates:
1. Wave 1 (1986 - 2000): This wave represents a significant upward movement, marking a strong bullish trend.
2. Wave 2 (2000 - 2003): This wave indicates a correction or bearish phase, where the market saw a decline.
3. Wave 3 (2003 - 2020): This wave is another bullish phase, usually the longest and strongest wave in Elliott Wave Theory, showing a substantial increase in market value.
4. Wave 4 (2020 - 2021): This wave depicts a brief corrective phase or consolidation, a minor pullback after the strong Wave 3.
5. Wave 5 (2021 - 2024): This wave indicates another upward movement, completing the impulse wave sequence (1-5).
Following the completion of these five waves, the chart suggests the beginning of an ABC correction:
• Wave A: This initial corrective wave suggests a downward movement from the peak of Wave 5.
• Wave B: This wave shows a partial upward retracement, not reaching the heights of Wave 5.
• Wave C: This final wave projects a further decline, completing the corrective phase and potentially reaching a low around the 4,763.45 level.
The support levels indicated on the chart are at approximately 10,493.97 and 4,763.45. These levels are potential targets for the corrective waves.
1. Wave 1 (1986 - 2000): This wave represents a significant upward movement, marking a strong bullish trend.
2. Wave 2 (2000 - 2003): This wave indicates a correction or bearish phase, where the market saw a decline.
3. Wave 3 (2003 - 2020): This wave is another bullish phase, usually the longest and strongest wave in Elliott Wave Theory, showing a substantial increase in market value.
4. Wave 4 (2020 - 2021): This wave depicts a brief corrective phase or consolidation, a minor pullback after the strong Wave 3.
5. Wave 5 (2021 - 2024): This wave indicates another upward movement, completing the impulse wave sequence (1-5).
Following the completion of these five waves, the chart suggests the beginning of an ABC correction:
• Wave A: This initial corrective wave suggests a downward movement from the peak of Wave 5.
• Wave B: This wave shows a partial upward retracement, not reaching the heights of Wave 5.
• Wave C: This final wave projects a further decline, completing the corrective phase and potentially reaching a low around the 4,763.45 level.
The support levels indicated on the chart are at approximately 10,493.97 and 4,763.45. These levels are potential targets for the corrective waves.
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