Potential Five Waves Up on Nasdaq Composite index UPDATED 7/7/21

 (updated 7/7/21 - see bottom of post)

The Nasdaq Composite index potentially completed five waves up at last weeks high. 

An alternate count would allow one more 5th wave up above last weeks high in the coming days or weeks.

A decline from last weeks high could drop .382 which would be just above the September/2020 low. This is shown by the top orange line on the below chart.  Another likely support area is at the .50 retracement which is above the middle of wave one up from the March/2020 low(lower orange line).

Weekly chart of Nasdaq Composite index. The .382 and .50 possible support areas for the correction down are show by the orange lines(click to enlarge).

Update 7/7/21:

The alternate count from the 5/6 post is now the best count. That indicates that it is now in a higher level 5th wave. The 7/2 Russell 2000 post stated that the Russell 2000 fifth wave high may occur around August so that may apply to the other indexes as well including the Nasdaq Composite.

 

Weekly chart of Nasdaq Composite Index (click to enlarge)