The nasdaq is in a large wave C in an ABC zig zag pattern
Why 7700-7800 is the reversal level:
-wave A of the zigzag is a leading diagonal, signalling downside >1:1 ratio for wave A:wave C
-the 1:1.618 ratio has no support
-the 1:2.618 ratio has support at 7700-7800
-this level coincides with a strong monthly support line as shown below
Why 7700-7800 is the reversal level:
-wave A of the zigzag is a leading diagonal, signalling downside >1:1 ratio for wave A:wave C
-the 1:1.618 ratio has no support
-the 1:2.618 ratio has support at 7700-7800
-this level coincides with a strong monthly support line as shown below