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The Nasdaq composite appears to be finishing another leg to a 10 year triangle pattern. My best forecasts is we hit the 10 year resistance line as drawn, then bounce down to start an (E) wave. I may be on both sides of the resistance line with a strangle 6 months out. The risk is wave (E) may be mild and my option position decay significantly. There could be months of declining consolidation prices after the price reaches the top trendline. That would be bullish long term. A sharp trajectory down to March lows then consolidation would be bearish. Many think we are at the top of a grand supercycle wave, and major moves down is where we are heading. I’m in a wait-and-see mode for now.

Good luck trading!
Mark

Content on CEO Trader is opinion only, please trade at your own risk.

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Labels: Elliott wave, Fibonacci, technical analysis, daily, stocks, ETF, chart, indicators

Categories: Charts , Commentary , Data-Based Indicators , Elliott Wave , Markets