Note: the following analysis is formulated as an assimilation of Fibonacci, DeMark, Elliott Wave and other technical indicators. It is offered as education and not intended as advice in any way.
You may recall that yesterday we wrote that I have been "fiddling" with time-based (as opposed to price-based) Fibonacci projections. The original impetus for this fiddling was basically what is happening now in the NDX.
Over the last few sessions I have been saying "one more new swing low" for a potential bottom in the NDX. Alas, we get a new swing low (however slight) and the indicators continue to suggest another new low (again however slight) is needed. In other words: though we may be very close to the price that could prove to be a turning point, the action of the NDX suggests that there is a "time" element that also needs to be satisfied.
I am openly speculating here, but I wanted to pass it along as this is exactly the type of slow grind lower that makes me believe that the market has Fibonacci time relationships that it "needs" to fulfill as well as the more obvious Fibonacci price relationships.
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