Nasdaq (NQ) short term should remain supported [Video]

Elliott Wave Forecast Team ElliottWave-Forecast.com

Short Term Elliott Wave View in Nasdaq (NQ) shows a bullish sequence from 10.26.2023 low favoring further upside. Up from 10.26.2023 low, wave (1) ended at 16208.5 and dips in wave (2) ended at 15721.25. Wave (3) is in progress as the 45 minutes chart below shows. Internal subdivision of wave (3) is unfolding as a 5 waves impulse Elliott Wave structure. Up from wave (2), wave 1 ended at 15989.75 and pullback in wave 2 ended at 15790.47. Index then resumes higher in wave 3.

Up from wave 2, wave ((i)) ended at 16247.50 and dips in wave ((ii)) ended at 16098. Index then resumed higher in wave ((iii)) towards 16657.25 and pullback in wave ((iv)) ended at 16576. Final leg wave ((v)) ended at 16885 which completed wave 3. Pullback in wave 4 ended at 16628. Wave 5 higher is in progress as an impulse in lesser degree. Up from wave 4, wave ((i)) ended at 16813.5 and pullback in wave ((ii)) ended at 16762.50. Index then resumed higher in wave ((iii)) towards 17012.5 and dips in wave ((iv)) ended at 16965.25. Expect the Index to extend higher in wave ((v)) which should complete wave 5 of (3). Afterwards, it should pullback in wave (4) to correct cycle from 12.4.2023 low in 3, 7, or 11 swing before the rally resumes. Near term, as far as pivot at 15790.47 low stays intact, expect the Index to extend higher.

Nasdaq (NQ) 60 minutes Elliott Wave chart

NQ Elliott Wave video

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

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