The Nasdaq had a very different time period for a major peak which was hidden or masked by the bearish attention to the DOW and SP500. Any Nasdaq wave count is not clear at this point as we still have too many wild gyrations. Summer is coming on which can produce very bearish moves. We do have to respect the Nasdaq as it can keep on giving us the gears in the short term.
From late April the Nasdaq has now only produced a 3 wave run, as wave 4 is still missing from this action. I switched to line type chart but it also changes the wave patterns, producing different wave counts all the time. In the short term I will be doing some cosmetic wave counting, but eventually the trend will start to smooth out, and when it heads south it will help to confirm a bigger bearish phase is in effect. Recent Commercial trader report does not show an extreme bearish situation, but more of a small bullish situation. This could turn more bullish as the real decline shows it’s true colors.
It makes no sense to spend so much time in intraday scale as for long periods of time nothing can happen. Nobody can take advange of intraday scale wave counts. It might take a week before a new posting is read 4-5 times, by that time it’s to late to take advantage of it. The big and best moves happen at the daily and weekly chart scales when the majority are all “forced” to switch directions.