Intraday Technical Update
This AM's note was looking at a Fibonacci projection of 1413 +/- 2 pts for a good low in the NDX. We got to 1412.43 before bouncing.
However, the "pattern" from an Elliott wave standpoint is not clearly finished to the downside. Ideally (but not required), we get one more new swing low beneath today's intraday NDX low to "complete" the pattern.
All the hourly and daily technical ducks remain setup for a healthy (3-4% at least) multi-session bounce right in this area. At this point we're looking to "fine tune" a call on the bottom.
A move above 1435.44 would suggest that a bottom was already struck. Otherwise, one more new low could be it. Never advice of course, just sharing what the technicals are saying here.
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