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Nasdaq-100 Elliott Wave Theory Forecast

Stock-Markets / Elliott Wave Theory Jan 14, 2011 - 04:13 AM GMT

By: Joseph_Russo

Stock-Markets

Introduction to Elliott Wave Technology's periodical briefs As a service to the financial, investment, and trading communities, and in holding our longer range forecasts to task, on a rotational basis, we shall provide periodical briefs for each of the seven broad markets covered within our premium publications.


The near-term chart and forecast shared herein shall provide a brief summary as to where it resides within four of Elliott's nine fractal degrees of trend:

  • Minor Degree [1, 2, 3, 4, 5, a, b, c, etc.]
  • Minute Degree [1, 2, 3, 4, 5, a, b, c, etc.]
  • Minuette Degree [1, 2, 3, 4, 5, a, b, c, etc.] and
  • Sub-Minuette Degree [1, 2, 3, 4, 5, a, b, c, etc.]

This brief contains a highly condensed rendition of the more thorough coverage dispatched via multi-chart video presentations supplied with our Near Term Outlook publication.

This brief shall impart unbiased technical assessments along with equally viable alternate prospects relative to this markets near-term directional outlook. Without further ado, we present to you, recent price action observed in the...

...NASDAQ-100 Daily Bar Chart

NASDAQ-100 Daily Bar Chart

Assessment and Forecast | Near-Term:

BULLISH PERSPECTIVES: From its 1700 print low in July of 2010, the Nasdaq-100 has traced out a clear five-wave upward advance. In observing that low as wave ‘b' at the Minor degree, the subsequent five-waves of advance currently nearing completion is then viewed as taking place at the smaller Minuette degree. Once the current Minuette 5th wave is complete, it will mark terminal to Elliott's next fractal one dimension larger, which would cite the noted -1- wave at the Minute dimension of trend. Since October of 2010, our proprietary indicator located in the lower panel of the chart continues to display a firmly bullish trending posture for the NDX.

BEARISH PERSPECTIVES: An equally viable bearish prospect is observed when calibrating the July 2010 low as that of a 4th wave terminal at Minor degree. Doing so raises the odds that the current five-wave advance is nearing a fifth-wave-end rather than a first-wave-start to its Minute degree wave sequence. This rather bearishly implies that the current advance will end a completed five-wave Minor degree structure from the bear market lows registered in 2008-2009. Bearish momentum divergences persist against the recent succession of fresh print highs posted in the Nasdaq-100.

Elliott Wave Nomenclature

Until next time,

Trade Better/Invest Smarter

By Joseph Russo

Chief Publisher and Technical Analyst
Elliott Wave Technology
Email Author

Copyright © 2011 Elliott Wave Technology. All Rights Reserved.
Joseph Russo, presently the Publisher and Chief Market analyst for Elliott Wave Technology, has been studying Elliott Wave Theory, and the Technical Analysis of Financial Markets since 1991 and currently maintains active member status in the "Market Technicians Association." Joe continues to expand his body of knowledge through the MTA's accredited CMT program.

Joseph Russo Archive

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