Sun, Feb 28, 2021 @ 16:11 GMT
Home Contributors Technical Analysis Elliott Wave View: Nasdaq At Support Area

Elliott Wave View: Nasdaq At Support Area

Short Term Elliott Wave in Nasdaq (NQ) suggests the rally from September 21, 2020 low is unfolding as a 5 waves impulse Elliott Wave structure. In the chart below, we can see wave (4) ended at 12727.25. Index has resumed higher in wave (5) with subdivision as another 5 waves in lesser degree. Up from wave (4) low, wave ((i)) ended at 13584.5, and pullback in wave ((ii)) ended at 13345.25. Index then resumed higher in wave ((iii)) which ended at 13769.25 and pullback in wave ((iv)) ended at 13517.75. The final leg wave ((v)) ended at 13900.50 and this also completed wave 1 of (5) in higher degree

Wave 2 pullback is currently in progress to correct cycle from February 1, 2021 low before the rally resumes. Internal of wave 2 is unfolding as a zigzag where wave ((a)) ended at 13468 and bounce in wave ((b)) ended at 13729. The Index has reached potential support area for wave ((c)) at 100% – 161.8% Fibonacci extension of ((a))-((b)) which comes at 13032-13298. Expect Index to end wave ((c)) soon and buyers should appear at this area and the Index can see a new high or bounce in larger 3 waves at least. A move towards or below 161.8 extension at 13032 however increases the risk that the decline from February 16, 2021 high (13900.5) becomes impulsive. As far as pivot at 12727 low stays intact, expect Index to end wave 2 pullback soon and turns higher.

Nasdaq 60 Minutes Elliott Wave Chart

Elliott Wave Forecast
ElliottWave-Forecast has built its reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, Cycles, Proprietary Pivot System, we provide precise forecasts with up-to-date analysis for 52 instruments including Forex majors & crosses, Commodities and a number of Equity Indices from around the World. Our clients also have immediate access to our proprietary Actionable Trade Setups, Market Overview, 1 Hour, 4 Hour, Daily & Weekly Wave Counts. Weekend Webinar, Live Screen Sharing Sessions, Daily Technical Videos, Elliott Wave Setup videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

Featured Analysis

Learn Forex Trading