As can be seen from the chart above - I believe the Nasdaq is going through a clear re-accumulation - currently in phase C.
We see each reaction to the downside reduced after the Feb lows, higher highs, higher lows as the weeks pass.
EWT suggests the price action seen during the February crash formed w4. We are now in W3(5). Daily bar on the 15th August (retest of local highs on high vol) suggests we are clear for another push to the upside.
1.618 extension of W1 leave us with a target of 8700. A continuation of the tech boom we are now experiencing will further drive the nasdaq forward. The next task is finding a good entry point!
We see each reaction to the downside reduced after the Feb lows, higher highs, higher lows as the weeks pass.
EWT suggests the price action seen during the February crash formed w4. We are now in W3(5). Daily bar on the 15th August (retest of local highs on high vol) suggests we are clear for another push to the upside.
1.618 extension of W1 leave us with a target of 8700. A continuation of the tech boom we are now experiencing will further drive the nasdaq forward. The next task is finding a good entry point!