Short Term Elliott Wave View in Nasdaq (NQ) suggests that rally from 1.5.2024 low ended at 18121.5 as wave ((i)). Internal subdivision of the rally unfolded as a 5 waves impulse. Up from 1.5.2024 low, wave (i) ended at 17057 and pullback in wave (ii) ended at 16689.25. The Index then extended rally in wave (iii) towards 17793.50 and dips in wave (iv) ended at 17221.50. Final leg wave (v) ended at 18121.50 which completed wave ((i)).
Pullback in wave ((ii)) is currently in progress with internal structure as a zigzag. Down from wave ((i)), wave i ended at 17911.25 and wave ii ended at 17963.25. Wave iii lower ended at 17586.75 and wave iv ended at 17791.75. Final leg wave v ended at 17542 which completed wave (a). Index then rallied higher in wave (b) with internal subdivision as a zigzag in lesser degree. Up from wave (a), wave a ended at 17933.5 and wave b ended at 17780.5. Wave c higher ended at 18026 which completed wave (b).
The Index has turned lower in wave (c). Down from wave (b), wave i ended at 17717 and wave ii ended at 17903.50. Near term, expect the Index to continue lower and it can reach the blue box area of 17099 – 17454 before finding buyers. From this area, the Index can then resume higher or at least rally in 3 waves.
