Nasdaq daily bearish pattern wolfe wave
There is a daily wolfe wave setup for the Nasdaq that triggered on June 16, 2023. The projected target is calculated by extending the linear line between pivot 1 and 4 and projecting the line. This is represented as the red perforated line, as shown in the chart. The projected target is 12600; however, as short term option traders we focus on the nearest moving average which is the 21 day ma 14723. Just under the 21 day ma, there is a gap that was left open on June 9, 2023 so it is likely that this bearish patter and gap fill will happen sooner than later. Overall, the tech sector will come under pressure until the gap fills.
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