Short term Elliott wave in NASDAQ suggests that the cycle from March 05, 2021 low is unfolding as an impulse sequence. Up from March 05 low, the rally to $13287.25 high ended wave (1). Down from there, the pullback in wave (2) unfolded as a zigzag structure where wave A ended at $12681.75. Wave B bounce ended at $13172 high and wave C ended at $12609.42 low thus completed wave (2) pullback.

Above from there, the initial bounce in wave 1 unfolded as a diagonal where wave ((i)) ended at $12881 high. Wave ((ii)) ended at $12676.25 low, wave ((iii)) ended at $12988.50, wave ((iv)) ended at $12807.50 low and wave ((v)) ended at $13003 high. Then the pullback to $12776.50 low ended wave 2 & index has turned higher in a nest within wave 3 of (3) favoring more upside. Near-term, while dips remain above $12609.42 low expect index to extend higher in a nest looking for more upside towards $13689.46 -$14357.63 area higher before a pullback can take place. We don’t recommend selling the index and expect dips to find support in 3, 7, or 11 swings for further upside.

NASDAQ 1 Hour Elliott Wave Chart

NASDAQ Elliott Wave Video

Short Term Elliott Wave in Nasdaq (NQ) suggests the rally from September 21, 2020 low is unfolding as a 5 waves impulse Elliott Wave structure. In the chart below, we can see wave (4) ended at 12727.25. Index has resumed higher in wave (5) with subdivision as another 5 waves in lesser degree. Up from wave (4) low, wave ((i)) ended at 13584.5, and pullback in wave ((ii)) ended at 13345.25. Index then resumed higher in wave ((iii)) which ended at 13769.25 and pullback in wave ((iv)) ended at 13517.75. The final leg wave ((v)) ended at 13900.50 and this also completed wave 1 of (5) in higher degree

Wave 2 pullback is currently in progress to correct cycle from February 1, 2021 low before the rally resumes. Internal of wave 2 is unfolding as a zigzag where wave ((a)) ended at 13468 and bounce in wave ((b)) ended at 13729. The Index has reached potential support area for wave ((c)) at 100% – 161.8% Fibonacci extension of ((a))-((b)) which comes at 13032-13298. Expect Index to end wave ((c)) soon and buyers should appear at this area and the Index can see a new high or bounce in larger 3 waves at least. A move towards or below 161.8 extension at 13032 however increases the risk that the decline from February 16, 2021 high (13900.5) becomes impulsive. As far as pivot at 12727 low stays intact, expect Index to end wave 2 pullback soon and turns higher.

Nasdaq 60 Minutes Elliott Wave Chart

Nasdaq (NQ_F) Elliott Wave Video

Short Term Elliott Wave View in Nasdaq (NQ) suggests the rally to 13599.75 ended wave (3). Pullback in wave (4) ended at 12726.87. The internal subdivision of wave (4) unfolded as a double three Elliott Wave structure. Down from wave (3) high, wave W ended at 12884.75. The Index then bounced in wave X and ended at 13394. From there, it extends lower in wave Y towards 122726.87. This completed wave (4) at 12726.87.

Index has turned higher in wave (5) although a break above wave (3) at 13599.75 is required to rule out a double correction in wave (4). Up from wave (4) low, wave (i) ended at 13084, wave (ii) ended at 12970.25, wave (iii) ended at 13584.50 and wave (iv) is proposed complete at 13386.75. Expect Index to soon end wave ((i)) with or without another high. It should then pullback in wave ((ii)) to correct cycle from February 1 low before the rally resumes. As far as pivot at 12726.87 low stays intact, expect dips to find support in 3, 7, or 11 swing for more upside.

Nasdaq (NQ) 60 Minutes Elliott Wave Chart

Nasdaq (NQ) Elliott Wave Video

Short term Elliott Wave View in Nasdaq (NQ) suggests the Index ended wave 2 on November 10 at 11505.33. The Index has since turned higher in wave 3. The internal of wave 3 is nesting higher as a 5 waves impulse. Up from wave 2 low at 11505.33, wave ((i)) ended at $12065, and wave ((ii)) pullback ended at $11804.5. Above from there, the index is nesting higher in wave ((iii)) whereas lesser degree wave (i) ended at $12337.25 high. And wave (ii) pullback ended at $12286.25 low. And now the index is looking for more strength towards $12617- $12742 area next within wave (iii) of ((iii)) before a pullback can take place.

As far as pivot at 11505.33 stays intact, expect dips to find support in the sequence of 3, 7, or 11 swings for further upside. If pivot at 11505.33 gives up, then there’s a possibility that the Index ends cycle from September 21 low as a diagonal. In this case, Index can do a larger pullback in 3, 7, or 11 swings to correct the rally from September 21 low before the rally resumes.

Nasdaq (NQ) 60 Minutes Elliott Wave Chart

Elliott Wave View in Nasdaq (NQ) suggests it is currently within wave ((5)) from March low. The Index still needs to break above wave ((3)) at 12465.25 on September 2 high to validate this view. Internal of wave ((5)) is unfolding as an an impulse Elliott Wave structure where wave (1) ended at 12249 and wave (2) pullback ended at 10945.77.

In the short term 45 minutes chart below, we can see wave (2) of ((5)) pullback at 10945.77. Up from there, wave ((i)) ended at 11768.5 and pullback in wave ((ii)) ended at 11304. Index then resumed higher in wave ((iii)) towards 12119.50, and wave ((iv)) ended at 11868.25. Final leg higher wave ((v)) ended at 12408.75. This completed wave 1 of (3) in higher degree.

Wave 2 pullback is now in progress to correct cycle from November 3 low as a zigzag before the rally resumes. Down from wave 1 high at 12408.75, wave ((a)) ended at 11939.25, and wave ((b)) ended at 12288.50. Wave ((c)) has reached 100% – 161.8% extreme area of wave ((a)) as indicated by the blue box. Buyers can appear from there for more upside or 3 waves bounce at least. As far as pivot at 10945.77 low remains intact, expect wave 2 dips to find buyers in the sequence of 3, 7, or 11 swing for further upside.

Nasdaq (NQ) 60 Minutes Elliott Wave Chart

Nasdaq (NQ) Elliott Wave Video

Elliott Wave view in Nasdaq Futures (NQ) suggests the pullback to 10665.49 ended wave ((4)). The Index has resumed higher in wave ((5)) and the rally from wave ((4)) is unfolding as a 5 waves impulse Elliott Wave structure. Up from wave ((4)) low at 10665.49, wave 1 ended at 11011.75 and pullback in wave 2 ended at 10806.75. Index resumed higher in wave 3 towards 11448.75 and wave 4 pullback ended at 11167. Final leg wave 5 higher ended at 11604.75. This move completed wave (1) of ((5)) in larger degree

Pullback in wave (2) has ended at 11197.50 as a zigzag structure. However, Index still needs to break above wave (1) at 11604.75 to avoid a double correction. Down from wave (1) at 11604,75, wave A of (2) ended at 11281, wave B of (2) ended at 11524.50, and wave C of (2) ended at 11197.50. Near term, as far as dips stay above wave (2) low at 11197.50, and more importantly above wave ((4)) at 10665.49, expect Index to extend higher. Potential target higher is 100% – 123.6% extension from September 24 low at 12141 – 12364 area.

Nasdaq Futures (NQ) 60 Minutes Elliott Wave Chart

Nasdaq Futures (NQ) Elliott Wave Video