Bulls Maintain Dominance
Embracing the Elliott Wave Principle (EWP) as their guiding star, forecasters have been eyeing the Nasdaq 100 index with cautious optimism. In a recent assessment, the bulls continued their relentless drive, propelling the index to new heights. As the NDX danced precariously close to the $20,500 mark, the bears watched from the shadows, waiting for a chance to strike.
Technical Indicators Paint a Rosy Picture
With a keen eye on technical indicators, analysts noted the NDX’s impressive performance in recent weeks. The index followed a precise trajectory, reaching a peak of $19,979 on June 20th, dipping to $19,472 on June 24, and currently resting at $20,378. This bullish surge has been a testament to the resilience and strength of the market.
Anticipated Wave Patterns Unfold
As the market gyrates to the tune of the Elliott Wave patterns, experts anticipate a green W-3, 4, and 5 sequence for the red W-v of the black W-5. With projections pointing towards the 161.8% Fibonacci extension at $20,450, investors are bracing for a potential surge in the coming weeks. The unfolding wave patterns paint a vivid picture of the market’s trajectory.
Bulls Maintain Vigilance Amid Rising Warning Levels
Amidst the bullish fervor, caution remains paramount as warning levels continue to escalate. The blue, grey, orange, and red levels serve as guideposts for investors, with a break below $19,470 signaling a potential shift from bullish to bearish sentiment. As the index treads cautiously towards new heights, investors watch for signs of divergence and market fluctuations.
Lessons from History
Reflecting on past trends, analysts draw parallels to historical market movements. Divergence emerges as a critical factor, with the absence or presence of this phenomenon shaping market predictions. The journey from mid-May to mid-June stands as a testament to the market’s resilience, with divergences serving as a compass for investors navigating market fluctuations.