I would like to propose that the drop in NQ was over and thus my alternate count is actually my primary count now (but I need a place holder for the EW lines). What this means is that, if I am not wrong, we should be seeing a strong up move from now onwards. Here's my argument:
1. Primary Count Wave 1 = Primary Count Wave 3 -> no extension here.
2. Current Primary Count Wave 5 < Wave 1&3. I think after an extended multi-year bull run, it is not too much to expect a euphoric bull move?
3. Financial markets drivers were still intact: money supply, yield curve, low i/r... (note that it is divorced from economic fundamentals as velocity of money is still too low).
4. It is really true that due to the Covid-19 situation, demand for tech goods and services has been increasing (I do not need data for it as it is too obvious).
5. Some tech companies have been buying back their shares and causing financial ratios to be much better on top of the actual increase in demand.
6. Divergence between RSI and price.
Of course, I will be proven wrong when price makes a new low.
1. Primary Count Wave 1 = Primary Count Wave 3 -> no extension here.
2. Current Primary Count Wave 5 < Wave 1&3. I think after an extended multi-year bull run, it is not too much to expect a euphoric bull move?
3. Financial markets drivers were still intact: money supply, yield curve, low i/r... (note that it is divorced from economic fundamentals as velocity of money is still too low).
4. It is really true that due to the Covid-19 situation, demand for tech goods and services has been increasing (I do not need data for it as it is too obvious).
5. Some tech companies have been buying back their shares and causing financial ratios to be much better on top of the actual increase in demand.
6. Divergence between RSI and price.
Of course, I will be proven wrong when price makes a new low.