{lang: 'en-US'} NASDAQ Futures H4 & Daily Update + Gann Fan ~ ElliottFxTrader Blog

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Sunday, 18 November 2012

NASDAQ Futures H4 & Daily Update + Gann Fan

According to my main count what just happened was the low for wave C was hit.The form of the correction fits to the ABC Running Flat (3-3-5) correction pattern. There is an importatnt harmonic relationshio at the current level as well: A=C. Those are the clues telling me wave 4 correction might be over. On the other hand, the alternative count, the latest impulsive wave down might be wave 1 of a larger decline but as far as I am concered the top for Nadsaq market would have to be the wave B top and this wave is rather hard to count as an impulsive or even ending diagonal wave 5 of topping market. Nevertheless, non-linear regression models shoes more weakness ahead on H4 TF and moderate strenght on Daily time frame with differnet start date (2008 and 2011 lows considerated).

Seb







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