Nasdaq shows a short term Elliott Wave bullish sequence from August 6, 2019 low favoring more upside. The pullback to 7480.72 ended wave (2) and the Index is now in wave (3) higher. Internal of wave (3) is currently unfolding as a 5 waves impulse Elliott Wave structure. Up from 7480.72, wave ((i)) ended at 7799.75, and wave ((ii)) pullback ended at 7583.25. The Index then resumes higher in wave ((iii)) towards 7994.75, and wave ((iv)) pullback ended at 7835.75.
Expect the Index to extend higher 1 more leg in wave ((v)) before ending cycle from October 3, 2019 low (7480.72). The push higher should also end wave 1 of (3) in higher degree. Index should then pullback in wave 2 of (3) to correct cycle from October 3, 2019 low in 3, 7, or 11 swing before the rally resumes. We don’t like selling the Index and expect dips to find support in 3, 7, or 11 swing as far as pivot at 7480.72 low stays intact. Potential target to the upside is 100% – 123.6% Fibonacci extension from August 6, 2019 low which comes at 8237 – 8417.