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The NASDAQ 100 has been crashing since May 8th, but has anybody noticed? Since the NDX topped at 1,721 on May 8th, three days before our last Hindenburg Omen, the NASDAQ 100 has crashed 15.94 percent. It is down nearly 18 percent since its January 11th top, and is down 12 percent for the year. Worse, this crash is not over. The Elliott Wave labeling has wave i down of Minor degree 3 down finished, as is wave ii up, in what was a double zigzag/flat wave for corrective ii up. Now that ii up has finished, a huge decline, wave iii down is in its infancy. Waves ii up, and the start of iii down have formed a Rounded Top pattern, which is Bearish. This is the start of primary degree wave (C ) down, the third leg of an (A) down, (B) up, and (C ) down that began in 2000. (C ) has the potential to take the NASDAQ 100 down to the 700 area. We’ll see if Ben and All The Fed’s Men can support these markets. “Men of Israel, listen to these words: Jesus the Nazarene, a Man attested to you by God with miracles and wonders and signs which God performed through Him in your midst, just as you yourselves know — This Man, delivered up by the predetermined plan and foreknowledge of God, you nailed to a cross by the hands of godless men and put Him to death. And God raised Him up again, putting an end to the agony of death, Since it was impossible for Him to be held in its power.” Acts 2:22-24
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