New Rally or H&S (9/1/2017)

ndx 9-1-2017

On Friday, Sept 1, the NASDAQ-100 briefly made a new intraday high. Short-term, I perceive the outlook to be unclear. On one hand, from an Elliott Wave perspective, the current rally that began on 8/21 could be evolving into Subwave 3 of the rally off the 7/2 low. However, before getting confident about that I need to wait and see if a head-and-shoulders is forming, with the left-shoulder on 7/27, and the head imminent.