US100 long Elliot wave

28 mar 2021

Nasdaq is currently doing wave 5 of its higher time frame impulse wave, which seems like an impulsive wave formation. I'll be looking to buy @12445(78.6%) of the fib where there's a recently formed QML that has not been tested yet and there's also an untested base candle formed there, so if price drops from its current position I'll be looking for it to reverse around that area. But if price goes higher above @13304 without going lower to where my entries are I'll be looking for buy setups as Nasdaq will now be doing wave 3 which will most likely be an impulsive wave and create new highs