Recent Nasdaq down leg of its cycle will be completed on Monday. If price will not rebound strongly next week ( 50% of recent decline ) I would not buy longer term.
Price closed up so cycle is completed. Tomorrow there will be correction from 1557 area, but if price stays above 1542, there will be more upside this week.
One of the better NasdaQQQ pattern there is; OCT =bear killer & strong 4th quarter uptrends in tek stocks
Based on taday price action, I am not too optimistic about substantial upside move. However there is important intraday cycle due for completion after 14:15 est Wed.. I would like to see intraday bottom around that time to confirm further upside. We will see what will happen. 15-20 cents bracket should work best for this price compression situation.
I think your on the right track. The Oct 13th low looks secure. Maybe one more washout in the SPX before the fireworks begin.
If 1570 level holds tomorrow and there is no significant intraday top around 12:15est , then I see another upside move as very likely. Another intraday cycle will be completed around 12:45 est on Wed. 10-26 and if overbought conditions exist at that time, that price level will be very important selling level.
Walther, Either way, the bull market has resumed. Two gap-up days in a row by the NAZ, and it hit my three day minimum kickoff target of 2115 for a new impulse wave. Cycle top midday tomorrow, and the 26th... will keep note of that!