 Welcome to the channel. This is Reliable Rudy. In this video we're going to have a charting update for the NASDAQ. Now I have the IXIC, the NASDAQ composite index. You can see it right up here. Some people are looking at the NASDAQ futures. I like to look at the IXIC because it shows gaps up and gaps down for when the market opens. But you know personal preference. But before we get into this video, I'm not a licensed financial advisor. Everything in this video contains only my opinion and it's for entertainment purposes only. I do have individual holdings related to the NASDAQ. So keep that in mind. But I'm going to try and be as unbiased as I possibly can. Okay, so getting into this video I'm going to break down just a couple things that I have. Here is just simply my longer-term uptrend dating back to 2010. We got multiple points of contact and we're getting very close to this long-term uptrend. We are not there yet. This is simply just a descending channel of the current downtrend that has recently been broken and this is the more medium-term downtrend that we got. Now long story short, we have the top that comes in. Now let's talk about this real quick. Let's go over to a week chart so we can see more of this chart. Over here, now if you guys have seen some of my swing tray examples, this is a nice W pattern right here. It is and one swing trade metric that I like to use is the back test of the neckline. This insinuate so you have a left leg. You have a left bottom that sets a higher low. It has a push. It sets a neckline where you then trade off from the neckline. You've set a higher right bottom than the left bottom and you can see this double bottom that comes in. This is your right bottom and then you have an extended right leg. What I mean by an extended right leg is it pushes over top of your left leg. You can see it fights and we do get an extension over your left leg. Now eventually it's insinuating that eventually the price is going to come down to back test the neckline which the neckline starts right here. Now am I saying that the NASDAQ is going to come down to 2800? No, I'm not saying that it's going to come down to 2800 indexes trade a little bit differently than stocks but if it traded down to 2800 you best believe that I'm going to buy the back test of the neckline. But I'm more talking about this top. We come back over here to the 2000.com boom right here and the bubble not boom and you take a Fib tool from the top of the move to the bottom of the move and it maps out extension points and we got fairly close to a full extension. Now the Dow Jones is very similar and the S&P 500 actually does hit the full extension when comparing the two. Let's get this line out of there. Now I will get this Fib tool out of here. Now isn't it strange that this type of setup comes in at near a full extension? Now let's switch it back to a day chart and I'll break down more the shorter term. So we have this this high price right here. It's very close to a full extension as I just stated. Now this first initial fall right here before we really get bearish. We take this wick top down to the wick bottom right there. I went down the right here. Now you can see this double top comes in at the 702. 702 extremely deadly. If you ever have a double top come into the 702 I highly recommend. Now I shouldn't say like that because I would just monitor it because the 702 I've seen this many times extremely deadly and this is where it all starts. So from this 702 double top right here we have a fall. We push the downtrend that you can see we have right here. I'll draw it in very shortly. We push the downtrend. We back test the top of the downtrend. We go on a wave 2. Now on this wave 2 we set a double top which insinuates my medium term downtrend right here. Now from my wave 2 we have another sell-off that we have another downtrend. You can see this downtrend right here. Boom boom boom boom. Now when we push that downtrend we back test the top of that downtrend. This is my wave 3. Now from my wave 3 we have a wave 4. Now where does this wave 4 go to? On my very first initial drop from my 702 here is that wick bottom. We back test the bottom of wave 1. Isn't that crazy? Now from this wave 4 we have a wave 5 that takes out this low price. We have the same scenario where we have a downtrend. You can see my channel that is set and now we have pushed that channel. Now I've mentioned this many times that hey over here on the on my wave 1 we push the downtrend. We back test the top of it. We push the downtrend. We back test the top of it. We push the downtrend. Are we going to back test the top of it? Now where this full green engulfing candle comes in you guys know I like to be able to look at gap fills and gap ups and stuff like that and I think that it plays a huge part in supply and demand. This red line running across right here. I'm just scrolling out and this is where it ends right here. You can see we had this nice gap up that doesn't get filled on both of these wicks. It just so happens we open the trading day just below that and we set this nice green engulfing candle. It tries to revert back down but ultimately we push this downtrend. Now when we try the trade back down you see we gap up right here. This is insinuating this gap right here we gap up so this is why this is marked on that chart and I did not have everything fully updated but I insinuated that you know this gap fill is probably going to get filled but all in all we are above the downtrend. Now you can see we set over the course this week we have this double top structure bearish all day full red engulfing down. Now where do we put this wick down to? Now we're going to go to a 15-minute chart. Now I will say looking down here at the commodity index. You guys see how we have an exit of the commodity? We have a lower low bearish. We get an exit of the commodity short what'll pop we get hit by the downtrend again. Now we have an exit of the commodity higher low. Now it just so happens that this exit of the commodity came on this green engulfing candle that filled our gap over on the left of the chart and oops sorry and now we push this downtrend now we've just barely tapped into that oversold again. Now it's trying to dip back up but we're going to go into a 15-minute chart and I'm going to share my thoughts on what's transpired. Now here is oops let's let's get this out of the way a little bit. Okay so here is the gap up here's that nice green engulfing candle that came on that gap. Now you see we gap down and we just stay straight bullish. Now we trade down it tries to revert back down and take out this low but then we have another gap up to the top of this downtrend that we have right here right and now we gap up we fill that gap it trades consolidates holds on top of my downtrend we get a nice pop. Now on the way down so I have this gap up right here marked. Now this is very important right here this is Thursday's trading day this is November 3rd the start of it we gap down I marked it with a green line we should move it right there we gap down now right at the beginning of the day this is a 15-minute chart first three candles one two three we tap this gap fill on the money and we trade up it gets bullish it tries to attempt to fill this gap it fails it trades it holds now it's set to close price right here now I'm going to mark this I'm going to mark this gap this is the end of Thursday's trading day right there should be marked at the bottom of it see how it's set to close above this open price is 100% crucial now the news that came out today was October's I think it was work or job job numbers I forget exactly what it was but apparently they were good I actually didn't even look at them because I really don't give a fuck but nonetheless see how we open up and we fill this gap you see this green line is a gap we open all the ways up here now boom huge sell off now where do we sell off down to we fill this gap up on the money it tries to get bullish but now we don't have this gap this gap fill you would expect now with these green candles right here I'm focused on the next three candles I want to see what they look like now those next three candles are boom boom boom okay so we're right here now when I'm watching this next candle open I want to see it open up green if it opens up green I'm hoping that this price is going to eventually take out this high if it isn't then I'm not even touching it so as we as we're looking at this also so here's that run there's your pole you have a nice pole you have a bull flag for a bull flag you need to pull your next three candles one two three seven oh two if this is going to get bullish or volume at all it is going to happen right here on this next candle no question about it what happens we continue full red engulfing boom boom boom now this gap fill this gap up this red line that we see marked on the money it is already filled we don't have anything right here and now you can see we're just trying to trade and we're trying to hold all in all you can see the commodity we have the exit of the commodity at the top of my pole for my bull flag right here the bull flag fails we enter into my oversold now we're trying to set a low a higher low and a higher low now I want to see this this wick bottom not the most confidence that I would have right here I don't want to see a more green engulfing candle but it still has hope if it gives out this wick bottom it's probably going to continue trading down unfortunately if you guys are a bull but if we do get some volume in an exit of the commodity I want to see a nice green engulfing candle and we want to try and start extending up now I've already insinuated that we pushed on top of this downtrend and I'm expecting the price to push on top of it and I can see we have my longer term uptrend right here gosh these freaking ads man these ads so let's go back to a day chart you can see how how the gap fills really play a part into the supply and demand and as I've stated many times gap filled buyers are trying to take profit they're trying to make a quick buck but there is some good information that can be found in it now the next thing that I have marked on my chart this gap is filled I'm going to take that off of my chart we have the high price before the COVID fall you can see here's the COVID drop here's your high price I have that marked as support and that's at 9800 now if we are to get a price to trade down to this what are the odds that this price is going to meet up with the top of this downtrend you see as I've stated before you have a downtrend right here you see how we push that downtrend and we trade on top of it before we get bullish you can see right here we have a downtrend we push that downtrend we back test the top of it before we get bullish isn't it crazy how that works out what are the odds that this is what's going to transpire again now if we are to get bullish from this point on it's also setting a higher low at the end now this higher low would come in at the end of a one two three four five wave structure now on this a double top right here we do not push up to this downtrend I would have really liked to see this try to keep continue being bullish up to this downtrend really tap this to have more conviction that this was going to set a higher low but all in all um this is a very nice green candle I'm not saying that the price is going to drop below this but I'm guessing that it probably is going to trade down eventually meet in with the COVID top the high before COVID and meet the top of this downtrend before we get bullish now it's going to get a pop I'm sure it's going to have some sort of gap down below this low we're going to trade down Monday's price is going to be big if it closes the rest of today and we set a close price near this low I'm probably going to expect a gap down below that full red and gold thing tap this high or maybe even a full gap down to this where we then get bullish now it just so happens that we have the downtrend the top of the downtrend the high before COVID and my long-term trend line all meeting up right here to me this is a honey hole this is a honey hole I will probably dip into the market a little bit not too extreme and I'm not telling you guys that it's a home that it's guaranteed for all I know this price ends up given out the next thing on my chart you can see right here on the right I have 9000 marked on my chart that is the next gap fill that we have now let's say in a bull case scenario that this is what transpires we end up pushing this downtrend what could I see transpire we have a 1 2 3 4 5 wave structure right now this 5 wave structure I'm just going to clear my entire chart this whole 5 wave structure could be looked at as a single wave 1 now if that wave 1 ends up getting an extension where could I see it well just off first glance we have a gnarly gap fill right here let's mark this with a green line right there now this whole 5 wave structure we're going to put a fifth to the top of the move bottom of the move right here you see where that green line's at guys here's that gap fill that green line is right near my 702 isn't that crazy now isn't that crazy now if I see any sort of double top now I've already insinuated that I'm expecting the price to come down a little bit further right right we are going to back test the top of this downtrend let's mark that downtrend and one more time now if we get a price down here meeting into this 9800 and we get a pop where is that 702 damn close to that gap fill could it be a potential that this is where this is going to end up running when we do ultimately push this longer term downtrend right there you guys see that downtrend I had it marked earlier now if this is the case and we get some sort of double top come into this I'm going to be very bearish on the market and I'm just already going to map it out right here the next thing that I'm going to see transpire is I'm going to expect a 1 2 3 4 5 wave structure now where does this 5 wave structure meet up at on my wave 4 we back test the bottom of wave 1 here is my wave 1 this whole 5 wave structure is just a wave 1 we get a wave 2 we get a wave 3 we get a wave 4 that back test the bottom of wave 1 and then you get a wave 5 now where does this wave 5 meet up at almost near the covid low but look at this gnarly gap right here if I call this out on the money I better have a thousand subscribers by this time because this is just this is gold you're not going to find information like this anywhere else I promise you guys that but look at where this 5 wave structure meets up at right at the gap fill completing this nice head and shoulders pattern and do I think that the market is probably fairly priced around here yeah it probably is could it trade lower than this yeah probably could and if it trades lower than that this is pretty solid support boom boom boom boom boom boom boom all sorts of action right there and it just so happens that this is the tippy tap high of the dot-com boom yeah I see that let's go back over to a week chart you can see this is the high of the dot-com boom that I took my original fib tool from right there now let's clear this chart one more time now that I got that information out do I think it's possible that we can push through that 702 of course that there is no guarantee that this 702 is just going to get hammered but if it sets a double top into that that's what I'm going to assume in that time I'm going to play the market now if we are able to push through that that 702 let's just go mark that 702 out real quick I'm going to expect my full extension my full extension right here I can just mark it out right there I'm probably going to cut into this full extension as well and I'm probably going to turn bearish on the market as well if it wants to push higher in that great I'm sure I'm going to have index funds that I have that I'm going to be benefiting from very greatly if we can extend past that but I'm also going to be increasing my cash on hand at this level as well and that's my update on the NASDAQ that's my long-term medium-term short-term outlook I hope you guys like the video make sure you subscribe if you're still watching like I said you're not going to find information like this anywhere I don't even know why I'm sharing it with only 50 something subscribers but you know I'm spoiling you guys I appreciate you guys watching the video we'll see you on the next one