Elliott Wave Analysis of the Nasdaq Index $COMPQ by Sid from ElliottWavePredictions.com. Click on the chart twice to enlarge.

As promised, here is an updated chart of my alternate counts for the US stock market, this time, for the Nasdaq Composite Index, symbol $COMPQ. These counts consider that we’re still in a wave 4, as either a triangle or an expanded flat. Oddly, if price moves above 2819.37, these counts wouldn’t necessarily be invalidated, but they would be wounded, and the main 1-2-1-2 bearish count would become even more plausible. More plausible that is, unless 2887.85 is broken to the upside, in which case the only count I can see at this time is a 1-2-1-2 extremely bullish scenario from the start of wave 5 black (if that scenario plays out) at 2603.50.

Invalidations and targets are depicted on the chart, including .618 retracement targets for each leg of the triangle. The projected path of the triangle is depicted in orange, the flat in purple.

Don’t forget about my weekend webinars coming up Sunday May 22. Hope you join me in one or both!

Sid
http://elliottwavepre.wpengine.com