• 288 days Will The ECB Continue To Hike Rates?
  • 288 days Forbes: Aramco Remains Largest Company In The Middle East
  • 290 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 690 days Could Crypto Overtake Traditional Investment?
  • 694 days Americans Still Quitting Jobs At Record Pace
  • 696 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 699 days Is The Dollar Too Strong?
  • 700 days Big Tech Disappoints Investors on Earnings Calls
  • 701 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 702 days China Is Quietly Trying To Distance Itself From Russia
  • 703 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 706 days Crypto Investors Won Big In 2021
  • 707 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 708 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 710 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 710 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 713 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 714 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 714 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 716 days Are NFTs About To Take Over Gaming?
What's Behind The Global EV Sales Slowdown?

What's Behind The Global EV Sales Slowdown?

An economic slowdown in many…

Is The Bull Market On Its Last Legs?

Is The Bull Market On Its Last Legs?

This aging bull market may…

  1. Home
  2. Markets
  3. Other

The NASDAQ is Crashing. Have You Noticed?

The NASDAQ 100 has been crashing since May 8th, but has anybody noticed? Since the NDX topped at 1,721 on May 8th, three days before our last Hindenburg Omen, the NASDAQ 100 has crashed 15.94 percent. It is down nearly 18 percent since its January 11th top, and is down 12 percent for the year.

The Elliott Wave labeling has wave i down finished, as are the first two of three legs for corrective ii up. Once ii up finishes, a huge decline, wave iii down should occur. This is the start of primary degree wave (C) down, the third leg of an (A) down, (B) up, and (C) down that started in 2000. (C) has the potential to take the NASDAQ 100 down to the 700 area.

Guess what else is crashing? Since Trannies topped on May 10th at 5,013.66, the day before we got our last Hindenburg Omen, they have crashed 722.93 points, or 14.4 percent (we define a crash as a 15 percent plunge over several weeks). They quickly plunged 479 points, or 9.6 percent, over two weeks in May to reach their Micro degree wave 1 bottom at 4,534.63 on May 24th. Trannies' wave {a} up was a three-wave affair that topped at about the .50 (was .53) retrace of Micro 1 down, up 254 points to 4,789 on June 2nd. Wave {b} down took Trannies to 4,410 on June 8th. Wave {c}-up of 2 completed a Rising Bearish Wedge termination top pattern on July 3rd, at 4,975.

Since then, we got a decisive break below 4,850, the bottom boundary of the Wedge, confirming that wave 3 down is underway. So far, this wave is close to 1.618 times the length of 1-down, which would be about 775 points. If wave 3 wants to be 2.618 times wave 1's, we re talking about a 1,254 point massacre, taking Trannies down to 3,725ish. Wave {1} down of 3 down looks complete, ending in a Bullish Declining Wedge. Friday's rally looks to be the start of corrective wave {2} up.

"Are not five sparrows sold for two cents? And yet not one
of them is forgotten before God.
Indeed, the very hairs of your head are all numbered.
Do not fear, you are of more value than many sparrows.
And I say to you, everyone who confesses Me before men,
the Son of Man shall confess him also before the angels of God;
But he who denies Me before men
shall be denied before the angels of God."

Luke 12:6-9

If you would like to see more of this analysis, to receive a Free 30 day Trial Subscription, simply go to www.technicalindicatorindex.com and click on the "Free 30 Day Subscription" button at the upper right of the Home Page. Once subscribed, you will have access to our remarkable buy/sell signals on the blue chip Dow Industrials and S&P 500, NASDAQ 100, and HUI Amex Gold Bugs Index. A subscription also gains you access to our daily Market Analysis Newsletters, Traders Corner, Guest Articles, and our Archives. We now offer Multiple Payment Options at the Renew Today! button at www.technicalindicatorindex.com, with subscriptions as short as one month, or as long as you'd like.

 

Back to homepage

Leave a comment

Leave a comment