Nasdaq 60 Minutes Elliott update

22 ก.พ. 2022

This truly is an Alamo moment. Everything is working against the bullish case (allbeit short term). Inflation, the Fed, Putin, Sentiment. However, the market held. Who expected a 10, 20, 1000 % crash is extremely disappointed. It is true that prices lightly dipped below January lows. So what? If it was a wave 1, then it would be important and the afternoon bounce suggests differently. I am slightly changing my count, with no material difference. I'm still expecting a (C) of B to develop before really serious bear action takes over. It seems that this latest faze of the market developed in a triangle where it is common that the (e) leg overshoots. Having overshot below january lows (allbeit just by a few ticks) suggests this abc pattern is developing into an expanding flat. Natuaral target of C is the 1.618 extension. We'll see what the market has to say about this.

23 ก.พ. 2022

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Tuesday 22nd was a fibonacci cycle low for the cash market. 89 days from november highs fell on feb 19th which was a saturday. The next trading day for the cash market was yesterday, tuesday feb. 22nd

25 ก.พ. 2022

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Not tempted to squeeze. A short squeeze still means more buying.