Short term Elliott Wave view on Nasdaq (NQ) shows that rally from 8.5.2024 low is unfolding as a 5 waves impulse. Up from 8.5.2024 low, wave (1) ended at 20025.25. Pullback in wave (2) ended at 18338.45 with internal subdivision as a double three Elliott Wave structure. Down from wave (1), wave W ended at 19140.25 and wave X ended at 19693.50. Wave Y lower unfolded as another double three in lesser degree. Down from wave X, wave ((w)) ended at 18825.75 and wave ((x)) ended at 19150.50. Wave ((y)) lower ended at 18338.45 which completed wave Y of (2) in higher degree.
The Index has turned higher in wave (3) with internal subdivision as a 5 waves impulse. Up from wave (2), wave ((i)) ended at 18927.5 and pullback in wave ((ii)) ended at 18547. Wave ((iii)) higher ended at 19813.50 and pullback in wave ((iv)) ended at 19529. Near term, expect Index to extend higher to end wave ((v)) and this should complete wave 1 in higher degree. Afterwards, it should pullback in wave 2 to correct cycle from 9.7.2024 low in 3, 7, 11 swing before it resumes higher.
