Short Term Elliott Wave in Nasdaq Futures (NQ) suggests the rally from March 5, 2021 low remains ongoing as a 5 waves impulse Elliott Wave structure. In the 45 minutes chart below, we can see wave 4 of this impulsive rally ended at 14445. The Index has resumed higher within wave 5 with internal subdivision of another impulse in lesser degree.
Up from wave 4, wave (i) ended at 14782.50 and pullback in wave (ii) ended at 14668.25. Index resumes then higher in wave (iii) towards 15126.25. Thereafter, a dip in wave (iv) ended at 15038.75. Final leg higher wave (v) ended at 15134 and this completed wave ((i)) in higher degree. Wave ((ii)) pullback is currently in progress to correct cycle from July 19, 2021 low. The internal subdivision of the pullback is unfolding as a zigzag Elliott Wave structure. Down from wave ((i)), wave (a) ended at 14774.25 and rally in wave (b) ended at 15084. Expect wave (c) of ((ii)) to end at 14726.54 – 14505.76 blue box area before the Index resumes higher again. Near term, as far as July 19 pivot low at 14445 remains intact, expect the Index to find support and extend to the new highs.