Nasdaq Short term Elliott Wave view suggests that the rally to 6429.5 ended Intermediate wave (3). Intermediate wave (4) pullback is currently in progress to correct cycle from 8/21 low (5753.6) in 3, 7, or 11 swing before Index resumes the rally. Subdivision of Intermediate wave (4) is unfolding as a double three Elliott wave structure where Minor wave W ended at 6246 and Minor wave X ended at 6391.75. Minor wave Y of (4) is in progress towards 6096.66 – 6209.70 area, then Index should resume the rally higher from there or bounce in 3 waves at least. We don’t like selling the proposed pullback and expect buyers to appear from the above area for at least a 3 waves bounce as far as pivot at 8/21 low (5753.6) stays intact.
NQ_F Nasdaq 1 Hour Elliott Wave Chart