This update reviews the Nasdaq 100’s current market structure and pattern development using orthodox NEoWave logic and analysis.
NDX is completing the same 26-year running bear market correction as the S&P 500 which everyone thought was the “bull market”. We need to get through the end of Wave-(4) then the real bull market will begin.
6-Monthly Chart
A closer look at Wave-(4) shows that wave-E is finishing up a Neutral Triangle. When finished Wave-(5) should commence with all degrees going to the upside and very powerful upside potential.
Monthly Chart
Zooming in on Wave-E of (4), yet another Neutral Triangle is forming and nearing completion. Fractals are common as the pattern repeats itself.
Weekly Chart
A closer look at the developing Wave-(e) of E:
Wave-b of (e) was a strong running correction lifting the market higher.
Wave-c of (e) appears to confirm complete at the small degree but if the larger (bull) trend is now starting the confirmation will be a large and violent surge upward. This has not occurred yet.
Bottom Line
NDX is completing a 26-year running bear market correction. We need to get through the end of Wave-(4) which is completing wave-E then the real bull market will begin.