Nasdaq 100 - 22nd August 2024 | @ 35 Days | + 11.11%
Last trade: + 11.11% | 'B' class signal detected in the Nasdaq 100. Running at an average wavelength of 35 days over 12 iterations since July 2023. Currently peaking
ΣL Cycle Summary
This component, notionally the 40 day nominal wave in Hurst nomenclature, has exhibited tremendous power in the latest move up. Whether this is because the low in early August was also a low of larger magnitude or simply because power has modulated recently to this component, remains to be seen. A compelling sign will be the next low of this shorter wave, due early September at the current wavelength. Should this component maintain the amplitude seen in the up leg we could easily see the lows around $17.8k be tested and subsequently the significant low at around $17k. A higher low forming around the first half of September and failing to breach the low of August 5th would imply the larger low on that date is of at least 80 day magnitude. This is the lower probability scenario, in our view.
Trade Update
Summary of the most recent trade enacted with this signal and according to the time prediction detailed in the previous report for this instrument, linked below.
Type: Buy - Nasdaq 5th August 2024
Entry: 5th August 2024 @ 17895.16
Exit: 22nd August 2024 @ 19882.48
Gain: 11.11%