Chart Wizard Trading

Expert Elliott Wave Analysis

NASDAQ

What’s Up with the Nasdaq?

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We are going to look at the full body of work for the tech sector. We'll start with the Nasdaq micro count 1. This Nasdaq E-mini futures chart suggests a 5 wave diagonal wave 1 completion followed by a wave 2 retracement in the form of a zigzag. Evidence supporting this count is a deep retracement of wave 1 that has already met the retracement guideline of the previous 4th … [Read more...] about What’s Up with the Nasdaq?

Nasdaq Micro 2 Count, A New Idea.

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The previous Nasdaq Micro 2 count was bullish but invalidated. In line with my post regarding the NYSE composite, this count suggests an expanding diagonal for wave 1. I'm not particularly a fan of this count but a contracting diagonal leaves a 3rd wave that is too short. Admittedly, the proportions do not seem correct but it is legal. So until we see more convincing structure, … [Read more...] about Nasdaq Micro 2 Count, A New Idea.

Nasdaq Futures Micro Count 1 Update

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One interpretation of this count is that the index futures will carve out another smaller degree second wave after finishing an extended fifth wave next week. While many indexes have confirmed bear market structure, the Nasdaq has yet to. Given how deep the expected highest degree wave will plummet, it’s highly possible it is giving the market a third extension in order to … [Read more...] about Nasdaq Futures Micro Count 1 Update

All Time High: Nasdaq 100 and the Dow Jones Utility Ratio

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In this chart we can see a ratio between the Nasdaq 100 and the Dow Jones utility ratio. The Nasdaq 100 is filled with highly speculative securities while the Dow Jones Utilities are stable assets which generally have a long history of consistent dividend returns. What this ratio shows us is that the herd is at an all time high of interest in speculative assets instead of … [Read more...] about All Time High: Nasdaq 100 and the Dow Jones Utility Ratio