Technical analysis Trading levels and Elliott Wave Theory.
Intermediate Wave (4) towards 2300, the 38.2% retracement level as the Corrective retracement target level.
Elliott Wave Strategy is to hold short in the SPX, NDX, that includes Apple, Google, Amazon and the US banks
NASDAQ NDX Elliott Wave Analysis - 17 August 2017
There is a reasonable case for Intermediate Wave (3) to be in place for the Nasdaq and the S&P500 SPX. That said the current move down from Wave (3) can be counted as corrective, so to help confirm a lower move down into Wave (4) the 5720 as resistance would help, below I have also added a few tech stock charts with much the same patterns in play
Amazon NASDAQ: AMZN Elliott Wave Analysis - 17 August 2017
Alphabet NASDAQ: GOOGL Elliott Wave Analysis - 17 August 2017
Get Your Trial
20 Days for $1
Pete, I don’t know how you’re doing it but your ability to pick the fall of last night/this morning is impressive. Just wanted to say keep up the good work and looking forward to the latest ASX200 video! Cheers, Daniel B. VIC
Hi Peter, I have to say I am really happy with the practical and grounded accuracy of your updates. With the deluge of data and emotions in trading online it's nice to have the safe haven of your insightful daily updates! Regards. Rod M. NSW
Hi Peter, I have been a TradingLounge Member for only a short time, but I would like to say that I am very happy with what you are doing. A couple of Forex trades that I've done in the past few weeks have put me nicely in front. Thank you. Alan C. QLD
Hi Pete, I HAVE CHANGED from a person with very little experience or knowledge of the stock market a few months ago to pretty much being taught the essence of the market by a market guru (you). I call you Grand Master Pete. Lee M. WA
I will encourage my mate to become a member because it has helped me heaps, with all the educational help from Pete as well as the daily service and the seminar. It's all great, where do I stop? Great service at a great price! Thanks again Jason N. VIC