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In a flashback to the state of affairs a fortnight ago, we'd gathered from the Elliott Wave Principle (EWP) predictions for the Nasdaq 100 that noticeable changes were coming.
How the Nasdaq 100 Performed
After a brief slump on the Federal Open Market Committee announcement day, the Index displayed heartening revival. It sunk to its lowest at the 76.40% mark, hitting $17128, compared to its previous figure of $17093. The grey W-iv was a low point, but it paved the way for a significant rise to $18041 for grey W-v, until a downward curve was observed yet again. Insightful graphic representations in Figure 1 offer a clear breakdown of these occurrences. It's important to mention that the forecast made on January 19th, using Fibonacci-inspired EWP patterns, is used to indicate the potential direction and not cemented outcomes. Nevertheless, the EWP provides guiding magnitudes that could forecast market scenarios accurately.
A Look at the Regular NASDAQ Scenario
An alternative perspective was simultaneously analyzed using the regular NASDAQ, which, as shown in Figure 2, remains consistent with the previous prediction.
If we delve deeper than the red alert level, which was the point for W-4 on FED-day, there’s a likelihood of the black W-4 to strive for NDX15200+/-200, NAS13,800+/-200. This point marks the 38.20% retrace of black W-3/c and lies on the Volume-Price shelf. Another critical fact to bear in mind is that any plunge below the low of October 2023 will signal the end of the bull market.
