Elliott Wave Analysis of the Nasdaq Combined Composite Index (COMPQ) by Sid from ElliottWavePredictions.com. Click on the charts twice to enlarge.

As bullish as the other U.S. stock indices seem at the moment, the top in the Nasdaq back on September 21 is still holding. That peak, the highest achieved in the Nasdaq since November 2000, (but still having only retraced about half of the 2000-2002 crash), ended what I’m counting as a terminal black WXYXZ triple zigzag, and was followed by a sizeable 5-wave impulse down through the November 16 low. Now, a corrective blue ABC zigzag for black wave 2 is likely complete, especially now that Apple is tanking, down 10% after-hours because of yet another earnings miss.

The COMPQ index gapped up to start the day, forming a textbook wave 5 “throwover” to complete a contracting ending diagonal for pink wave 5. With a big down day in Apple a virtual certainty for tommorow, the opening up-gap today in the NASDAQ was likely an exhaustion gap. If the above wave count is correct, wave 3 black to the downside has begun, and today’s high of 3161.06 will hold.

Sid
http://elliottwavepre.wpengine.com

Addtion to this post added January 26:  I’m lowering the confidence rating to 3.  Both downward and upward movement since the 3161.06 high appears to be corrective, at least in the futures contract (NQ).   I’ll be looking for the picture to clear up one way or the other early in trading next week.  One aspect that concerns me is how all of the U.S. stock indices have rallied or “held-up” while APPL has crashed 37+ percent.  This is very odd, if not downright fishy . .