Nasdaq Intraday Review: A Leading Indicator?

All the stock indices I cover will be moved to the September months and no more June contracts will be posted.  At this time it sure looks like the Nasdaq is still leading a charge heading down. Even though it looks great, as the start of a potential diagonal decline.  We have to remain vigilant because these declines can roar back in spectacular fashion.

Not until we see consistent inverted zigzags or flats, will we know that a bigger decline is in store for stocks. Many times flats  or complex flats develop in the “B” wave of a zigzag so flats can provide the half way pattern between the A5 and C5 set of waves.  

I would love to see any peak hold just so we can work on a different trend than this rambling on and off again bull market. 

That may be too much to ask for, so the rest of this week and next week could help confirm that our recent tech bubble top will hold.  All my work is done with Cycle degree being the largest degree I’m working. This makes all the Primary and Intermediate degree moves extremely important turning points. Minor and Minute degree waves can be the degree that shows up from hiding when patterns extend.  If you think that wave degrees cannot hide, then just look at gold in 1999! 

I may not have the time on Friday to get in updates but I will add a few postings later in the day or Satuday morning.