SUMMARY
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The more charts I analyze on the equity side, the more I'm seeing signs of a potential intermediate topping. I've shown this with FedEx, UPS and other charts stating that a minor recessionary pressure might be arriving. The below chart of the Nasdaq 100 Index (NDX) is showing that five waves are likely nearing completion; if not already! The red circle designates some more upward mobility but very limited. This shows that the technology sector could be readying for a potential correction that translates into a recession.
The ABC correction will likely retrace to the prior white wave 4 or so and that'll probably mark the 0.618 Fib level, as shown in the below chart. The subwaves of whtie wave 5 show that blue 5 could be remaining.
From a cycle degree of trend; white wave I and II are complete and III is in progress. Blue wave 1 of III is nearing completion and blue wave 2 of III is the correction to be expected soon.
Here is an interesting comparison of NDX to the Bitcoin (BTC) charts. I believe Bitcoin is reflective of NDX back in 2008 or so before making is meteoric rise to current levels. Bitcoin could also follow a similar fractal pathway!
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