Market Briefs & Sentiment Outlook (MBSO)
Reported by Tony Carrion

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June 9, 2018

 

   

 

  

 

NASDAQ - Higher Into A Top

As our charts of the NASDAQ below show, the break to new all-time highs was foreshadowed by the wave 4 triangle pattern we first wrote about in April.

 

 

 

The still incomplete five wave advance from the wave 4 low should likely press above 7800 with potential above 8000, or another 2-5 percent from current levels. The near-term scenario is therefore looking bullish.

 

That said, when this fifth wave completes, it'll also be completing an even larger fifth wave at higher degree. Fifth waves are terminal moves, and are always followed by a correction. In this case, it may well be ending the NASDAQ's bull market advance from 2009. 

 

If you're trading the big tech names, keep this thought in mind.

 

You can follow the intraday and daily Elliott Wave analysis of US, European and Asia/Pacific stocks with a risk-free subscription to the Stock ProServices offered by Elliott Wave International.  Click for more information.

 


For intraday and daily Elliott Wave forecasts of US, European and Asian stock markets, we highly recommend the ProServices offered by Elliott Wave International where I am an analyst.

 

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