Rally in Nasdaq 100 ETF (QQQ) from 3.13.2023 low is in progress as a 5 waves Elliott Wave impulse. Up from 3.13.2023 low, wave 1 ended at 322.16 and pullback in wave 2 ended at 309.8. The Index then extends higher in wave 3. Up from wave 2, wave ((i)) ended at 323.63 and dips in wave ((ii)) ended at 315.2. Rally in wave (((iii)) ended at 357.5 and pullback in wave ((iv)) ended at 347.38 as the 45 minutes chart below shows.
Index then rallies higher in wave ((v)). Up from wave ((iv)), wave (i) ended at 353.62 and pullback in wave (ii) ended at 351.13. The Index extends higher in wave (iii) towards 366.19 with internal subdivision in 5 waves. Up from wave (ii), wave i ended at 357.66 and wave ii ended at 353.03. Wave iii ended at 364.6, wave iv ended at 360.03, and wave v higher ended at 366.19. This completed wave (iii) in higher degree. Pullback in wave (iv) ended at 360.42. Index then rallies higher in wave (v). Up from wave (iv), wave i ended at 366.88 and dips in wave ii ended at 362.85. Wave iii ended at 371.77, dips in wave iv ended at 369.14, and final wave v ended at 372.85 which completed wave (v) of ((v)) of 3. Expect the Index to pullback in wave 4 to correct cycle from 4.25.2023 low in 3, 7, or 11 swing before the rally resumes. Potential target for wave 4 is 23.6 – 38.2% Fibonacci retracement of wave 3 which comes at 348.8 – 358.01 area. From this area, the Index can then extend higher again.
