Rally in Nasdaq (NQ_F) from December 26, 2018 low remains in progress as an impulse Elliott Wave structure. An impulse structure consists of a 5 waves move. Wave ((4)) of this impulse move has ended at 6965.57. As the chart below shows, after forming wave ((4)) low, Nasdaq has rallied higher and broken above March 4 high at 7211.5, confirming that wave ((5)) has started. Up from 6965.57, the rally ended wave (1) at 7324.25 as an impulse. Internal of wave (1) subdivides into 5 waves where wave 1 ended at 7029.5, and wave 2 ended at 6983.5. Wave 3 ended at 7250.5 ,wave 4 ended at 7211, and wave 5 of (1) ended at 7324.25.
Near term, Index is correcting cycle from March 8 low within wave (2) before the rally resumes. Wave (2) pullback takes the form of a zigzag Elliott Wave structure where wave A of this zigzag ended at 7265.7. While the Index stays below 7324.25, it has scope to do 1 more leg lower to finish wave C of (2). As far as pivot at 6965.57 low stays intact, expect the Index to find buyers in 3, 7, or 11 swing for further upside. We don’t like selling the Index.
1 Hour Nasdaq (NQ_F) Elliott Wave Chart