The NASDAQ-100’s Initial Decline

Hi everyone,

Here is my current interpretation of the NASDAQ-100 (NDX) from an Elliott Wave perspective. Overviews on different Elliott Wave Patterns can be found here: http://thepatternsite.com/Elliott.html

ndx leading diagonal oct 2014

It looks like we had a downward leading diagonal from the top on Sept. 19. A leading diagonal is an exception to the usual wave principle in that within a Wave 1,  Subwave 4 can overlap Subwave 1. Highs and lows within the pattern usually follow trendlines. I think the drop shown above completes a Minor degree Wave 1.

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