Elliott Wave View in Nasdaq (NQ) suggests it is currently within wave ((5)) from March low. The Index still needs to break above wave ((3)) at 12465.25 on September 2 high to validate this view. Internal of wave ((5)) is unfolding as an an impulse Elliott Wave structure where wave (1) ended at 12249 and wave (2) pullback ended at 10945.77.
In the short term 45 minutes chart below, we can see wave (2) of ((5)) pullback at 10945.77. Up from there, wave ((i)) ended at 11768.5 and pullback in wave ((ii)) ended at 11304. Index then resumed higher in wave ((iii)) towards 12119.50, and wave ((iv)) ended at 11868.25. Final leg higher wave ((v)) ended at 12408.75. This completed wave 1 of (3) in higher degree.
Wave 2 pullback is now in progress to correct cycle from November 3 low as a zigzag before the rally resumes. Down from wave 1 high at 12408.75, wave ((a)) ended at 11939.25, and wave ((b)) ended at 12288.50. Wave ((c)) has reached 100% – 161.8% extreme area of wave ((a)) as indicated by the blue box. Buyers can appear from there for more upside or 3 waves bounce at least. As far as pivot at 10945.77 low remains intact, expect wave 2 dips to find buyers in the sequence of 3, 7, or 11 swing for further upside.
Nasdaq (NQ) 60 Minutes Elliott Wave Chart
