Elliott Wave analysis for Nasdaq tech stocks:
Currently, the Elliott Wave count for the SP500, Nasdaq 100, and most tech stocks points to wave (v) of i) of 3 of (1) of 5). However, there are risks to this bullish scenario. The current upward move from the low is occurring on diminishing volume, and there's a possibility that this move could be an incomplete corrective rally, potentially wrapping up in the next session.
While I'm leaning towards the bullish case, there's still a bearish alternative that cannot be ruled out just yet. Despite this, I’m focusing on the bullish scenario for two reasons: First, stocks like META are indicating that a new high could be on the horizon. Second, I don’t want to miss the opportunity to buy this dip if it turns out to be valid. I’m preparing for long trades as they will likely emerge before short trade setups, though the timing may be close.
Video chapters:
00:00 NASDAQ 100 (NDX)
09:21 Apple (AAPL)
10:30 Amazon (AMZN)
10:59 NVIDIA (NVDA)
11:29 Meta Platforms (META)
13:17 Netflix (NFLX)
13:45 Alphabet (GOOGL)
14:47 Microsoft MSFT
16:24 Tesla (TSLA)
17:41 Bitcoin & ETH
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