Rally about to resume? (6/8/2017)

NDX 7-8-2017

Thus far, the drop from the June 9 high on the NASDAQ-100 has been 5.2%. This is very close to the pre-election drop of 5.4% last year [shown on the chart as (1) – (2)]. Thus, a bottom could form any time now. Even if we get more downside from here, I expect the current drop to end up being milder than the 9% correction in Apr – June 2016.

Once the rally resumes, we should get a push to new highs to complete the extended 3rd wave that began from the Brexit low of June 2016.

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