Friday, January 1, 2010

Nasdaq ~ Elliott Wave Update Week 53 2009

I wish you all the best in 2010!!

I don't think the market has already topped (it's possible though), mainly because there are three different fibonacci relationships which suggest a top around 2340.

- (Y) = 1,38*(Z) at 2343
- (W) = (X1) to (Z) at 2341 (the distance between the low of (X1) and the high of (Z))
- A = C at 2337

Also the Elliott Wave count allows for another high. As you can see I think that the end of year sell off finished wave [iv] and that wave [v] will unfold next week.

Long term chart (one week old):