Invesco Nasdaq ETF ($QQQ) found buyers at the blue box area as expected

In today’s article, we will look at the past performance of the 1H Hour Elliott Wave chart of Invesco Nasdaq ETF ($QQQ). The rally from 1.17.2024 low at $402.87 unfolded as 5 waves impulse. So, we expected the pullback to unfold in 3 swings and find buyers again. We will explain the structure & forecast below:

Zigzag (ABC) corrective structure

$QQQ one hour Elliott Wave chart 1.31.2024

Here is the 1H Elliott Wave count from 1.31.2024. We expected the pullback to find buyers at the blue box area at 421.25 – 416.56 in a 3 swing structure (ABC).

$QQQ one hour Elliott Wave chart 2.04.2024

Here is the 1H update few days later from 2.04.2024 showing the bounce taking place as expected. The ETF reacted higher from the blue box after doing a Zigzag correction allowing longs to get a risk free position. The ETF has made a marginal new high and is expected to remain supported towards $438 – 446 before another pullback can happen.