Category Archives: Nasdaq

Nasdaq Ended Correction

Daud Bhatti

Elliott Wave view for Nasdaq suggests that the Index has ended the correction to the cycle from 12/5 low at 6383.25 and from there it it has started the next leg higher. Up from Intermediate wave (4) low on 12/5, the rally unfolded as a double three Elliott Wave structure where Minor wave W ended at 6545.75 and Minor wave X is proposed complete at 6383.25. However, for this view to gain validity, the Index needs to break above Minor wave W at 6545.75. more…

Nasdaq To Correct Before Resuming Rally

Daud Bhatti

Nasdaq Short Term Elliott Wave view suggests that Intermediate wave (3) ended at 6429.5 and Intermediate wave (4) pullback is proposed complete at 6231.75. Subdivision of Intermediate wave (4) is unfolding as a double three Elliott wave structure where Minor wave W ended at 6283, Minor wave X ended at 6391.75, and Minor wave Y of (4) ended at 6231.75. Index still needs to break above Intermediate wave (3) at 6429.5 for this view to gain validity. Until then, we still can’t completely rule out a break below Intermediate wave (4) at 6231.75 in a double correction. more…

US Stocks: Is This The Turning Point (Lower)?

Fawad Razaqzada

The movements of stock prices in the days prior to the Fed’s rate decision on Thursday appeared to be the typical “buy the rumour, sell the news” sort of behaviour. But when the news hit the wires, traders initially hesitated to push the ‘sell’ button because there was an element of surprise in the FOMC statement that was probably not priced in. Not only did one FOMC member vote to cut rates into the negative, but the dot plot showed that the median policy maker now expects core inflation to remain below the bank’s 2% target until 2018 and the long-term unemployment rate was revised down to 4.9%, suggesting there is less urgency to hike interest rates. So, to account for this surprise, they waited a bit longer before ‘dumping’ stocks. more…