11 Oct 2018 ● 04:44 AM
When markets fall for no reason those declines are for real. And so it seems with the US and the Nasdaq 100, here that now has a 5 wave decline on the daily chart and in one day the RSI is down to 23. Wave 1 down almost done and wave 2 up next few days then wave 3 down is what I think we get. However do not bet on it, Wave v of 1 is still not over till it is over. The impulsive decline and break have clearly changed the medium term trend.
Let me add a longer term chart to show the long term channels. The blue channel broke today and the question then is are we going back to test the lower end of the yellow channel on the Nasdaq. Logically we should.