Nasdaq Composite Could Make a New All-Time High

On 04/12/24 the Nasdaq Composite (IXIC) could make a new all-time high.

The 30-minute IXIC chart courtesy of Trading View illustrates the action.

From its 03/08/24 peak the IXIC appears to have formed an Elliott wave – Horizontal Triangle.  Fibonacci price relationships support this theory.

Minute wave “c” is close to equality with Minute wave “a”.

Minute wave “e” is  close to .50 of Minute wave “a”.

Minute wave “e” is .50 of Minute wave “c”.

Minute wave “d” is .50 of Minute wave “b”.

After completion of Horizontal Triangles there usually a thrust in the direction of the main trend which in the case for the Nasdaq Composite is up.   

Typically, the thrust can be measured by the widest part of the Horizontal Triangle.  For  the IXIC presumed Horizontal Triangle the widest part is Minute wave “b”.

The length of Minute wave “b” is 612.93 added to the bottom of Minute wave “e” at 16,092.02 targets IXIC 16,704.97.   

If the IXIC make a new all-time high unconfirmed by both the S&P 500 and Dow Jones Industrial Average it would be another “Rule of the Majority” sell signal.