Short Term Elliott Wave in QQQ suggests that the ETF has completed a bearish sequence from 7.11.2024 high. The decline made a zig zag Elliott Wave structure. Down from 7.11.2024 high, wave (A) ended at 455.63 low. Rally in wave (B) ended at 475.61 with internal subdivision as a expanded flat structure. Up from wave (A), wave A ended at 467.94 and wave B ended at 452.31. Wave C higher ended at 475.61 which completed wave (B) in higher degree.
Then, QQQ turned lower in wave (C) with internal subdivision as an impulse structure. Down from wave (B), wave 1 ended at 444.47 and wave 2 ended at 450.49. Wave 3 lower ended at 426.59 and wave 4 ended at 436.17. Final leg wave 5 ended at 420.00 which completed wave (C) and ((4)) in higher degree. The current rally is in progress expecting to continue higher as wave ((5)). Near term, we are calling a leading diagonal as wave 1 of (1) of ((5)). This wave 1 ended at 447.07 high. Now, we are expecting to correct the cycle as wave 2 before resuming to the upside in wave 3. The view is valid as price action stays above 420.00 low.
