Nasdaq (NQ) shows a 5 swing sequence from August 18, 2023 low favoring further upside. 5 swing is a motive sequence and the Index therefore likely extends higher. The rally from August 18 low is unfolding as a diagonal Elliott Wave structure. Up from August 18, wave 1 ended at 15418 and pullback in wave 2 ended at 14751.7. The Index extended higher again in wave 3 towards 15661.25 and wave 4 pullback ended at 15158. Internal subdivision of wave 4 took the form of a zigzag. Down from wave 3, wave ((a)) ended at 15454 and wave ((b)) rally ended at 15586. Wave ((c)) lower ended at 15158 which completed wave 4.
The Index turned higher and broke above wave 3, confirming wave 5 higher is in progress. Up from wave 4, wave (i) ended at 15281 and wave (ii) ended at 15200. The Index rallied further in wave (iii) towards 15539 and pullback in wave (iv) ended at 15417. Final leg wave (v) ended at 15696 which completed wave ((i)). Wave ((ii)) pullback is in progress to correct cycle from 9.7.2023 low before it resumes the rally higher. Near term, as far as pivot at 15158 low stays intact, expect pullback to find support in 3, 7, or 11 swing for further upside.
