As discussed in my last analysis, NASDAQ continues to show strength. We are right now, as per my present count. nearing a point of correction. However, this correction will be in all probability completed within the orange rectangle drawn.
The waves are clearly subdividing. In this regard a small note on fractals
FRACTALS IN ELLIOT WAVE THEORY
Larger waves are similar to smaller waves. OR if you magnify, it is the same structure. This fascinating theory seems to be correct MOST OF THE TIME!
Same wave patterns are seen on larger timeframes, such as monthly or weekly charts, and can also be observed on smaller timeframes, such as daily or hourly charts. These patterns consist of waves and sub-waves that have similar characteristics and proportions.
This assists in wave counting and identifying potential turning points or continuation patterns. What we see on a smaller time frame, can be expected on a larger time frame. This by itself is very dynamic and helps to decipher what is going to happen next in a larger and larger time frame.
NASDAQ Opening On 22nd May 2023