Elliott Wave View: Nasdaq (NQ) May End 3 Swing Rally Soon

15 בנוב׳ 2022

Short term Elliott Wave View in Nasdaq (NQ) shows an incomplete bearish sequence from 11.22.2021 high favoring further downside. Short term, rally from 10.13.2022 low is unfolding as a zigzag Elliott Wave structure. Up from 10.13.2022 low, wave A ended at 11734 and pullback in wave B ended at 10636. Wave C higher is in progress as a 5 waves impulse structure before the Index turns lower again.

Up from wave B, wave ((i)) ended at 11231.25 and pullback in wave ((ii)) ended at 10808. Index then rallies again in wave ((iii)) towards 11876.75. Wave ((iv)) is now in progress to correct cycle from 11.10.2022 low in 3, 7, or 11 swing before the rally resumes. Internal subdivision of wave ((iv)) takes the form of an expanded flat. Down from wave ((iii)), wave (a) ended at 11702 and rally in wave (b) ended at 11898.50. Expect wave (c) to end soon which also completes wave ((iv)). Afterwards, as far as pivot at 10636.55 low stays intact, expect the Index to extend higher 1 more leg. Potential target is a 100% – 161.8% Fibonacci extension from 10.13.2022 low which comes at 11870 – 12632 area.