NASDAQ is in a wave "c", as part of an ABC-Correction ("Minuette"-level) at the moment. With this wave, it already retraced 0,382 of the preceeding wave a (not shown above). Only in very rare cases, such a small correction of only 0,382 (6669 in this case) marks the end of an ABC-correction and a new upswing can follow.
In my view, this wave "c" has not terminated yet and will have at least 0,618 (6468) or even 1,000 (6141) as ending target, because volume still does not follow this little uptrend, we have seen last Friday.
A more detailed look on this "Minuette"- wave "c shows, that we are probably about to finish a (grey) wave 4 of a "Subminuette"-impulse wave. This wave 4 has already retraced more than Fib. 0,500 of the preceeding wave 3, which is unusual. Therefore, this last upswing (4) could also be a wave 2 instead! In any case, the red dotted resistance-line will be tested, so be aware of a bull trap!!!
In my view, this wave "c" has not terminated yet and will have at least 0,618 (6468) or even 1,000 (6141) as ending target, because volume still does not follow this little uptrend, we have seen last Friday.
A more detailed look on this "Minuette"- wave "c shows, that we are probably about to finish a (grey) wave 4 of a "Subminuette"-impulse wave. This wave 4 has already retraced more than Fib. 0,500 of the preceeding wave 3, which is unusual. Therefore, this last upswing (4) could also be a wave 2 instead! In any case, the red dotted resistance-line will be tested, so be aware of a bull trap!!!
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See below on 1min scale "Subminuette"-wave 4
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