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Elliott Wave View: Nasdaq All-Time High Imminent?

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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

Elliott Wave View: Nasdaq (NQ) Looking For More Upside

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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: Nasdaq (NQ) Looking For More Upside

Elliott Wave View: Further Upside in Nasdaq (NQ) Expected

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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 Elliott Wave 10 November

Nasdaq (NQ) Elliott Wave Video

Elliott Wave View: Nasdaq Futures (NQ) Extends Higher

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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 Elliott Wave Chart 8 October

Nasdaq Futures (NQ) Elliott Wave Video

What Nasdaq (NQ) is saying about the Right Side of Market

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Technology is the strongest sector in the current bullish trend in World Indices. Nasdaq (NQ) which has a lot of technology stocks naturally is one of the best performing Indices. We had some pullback in the Indices last week. As always, with every pullback, many traders and analysts start to speculate if major top is in place.

We will look at the chart of Nasdaq to answer this question. We start with the idea that Nasdaq is in an impulsive structure from all-time low. That should be very clear as the Index makes new all-time high and continues to make higher high. For an impulsive structure to end, we need to be able to count a clear 5 waves. In addition, we should see the fifth wave losing momentum and thus we need to be able to observe a momentum divergence.

Let’s now look at the Daily Chart of Nasdaq below and focus especially on the rally from March 2020 low.

Nasdaq Daily Elliott Wave Chart: Path 1

Nasdaq (NQ) daily Elliott Wave chart path 1

In the daily chart above, we can see the all-time high in Nasdaq came without any momentum divergence. The RSI (Relative Strength Index) shows the strongest momentum peak at the same time when the Index makes all-time high. Thus, we can conclude that the previous all-time high is unlikely to be a wave V from March 23 low. One possibility then is to label the previous all-time high to be wave III. In this scenario, the Index should be in wave IV in 3, 7, or 11 swing before it resumes higher again.

Assuming the placement of wave I and II is correct, potential target for wave IV is 23.6 – 38.2 Fibonacci retracement of wave III which is 10508 – 11249. This is a guideline for where wave IV usually ends, but not a rule. Also as a guideline, it’s better for wave IV not to retrace more than 50% of wave III or else it becomes too big and no longer be a wave IV. A 50% retracement of wave III is 9910. Nasdaq last week has already hit 23.6 retracement at 11249. Thus in fact, the Index can start to make new high again from here. However, it can still do a double correction and perhaps reach around 38.2 retracement at 10508 area before ending wave IV and resumes higher again.

Nasdaq Daily Elliott Wave Chart: Path 2

Let’s assume for a moment that Nasdaq is doing larger decline. If it drops more than the proposed 50% of wave III at 9910 like the first chart above suggests, it will increase the chance it’s no longer a wave IV. In this scenario, Nasdaq perhaps has ended cycle from March 23 low as a corrective structure ABC. The reason is because there’s no momentum divergence at the peak and thus the structure of the rally is likely not a 5 waves.

However, since Nasdaq is at all-time high and thus the entire rally from all-time low has to be impulsive, the Index can’t possibly end the entire impulsive structure with 3 waves structure. Thus, in case of a bigger pullback, another path can be that Nasdaq rally from 3.23.2020 low is in an ending diagonal structure. In this case, the rally from 3.23 low ended wave (I). We can then see a larger pullback in wave (II) to correct cycle from March low before Index resumes higher again.

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Elliott Wave View: Nasdaq (NQ) Looking to Extend Higher

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Elliott Wave View of NASDAQ (NQ_F) suggests the Index ended the cycle from August 12 low as wave (1) at 11437 high. The pullback in wave (2) unfolded as zigzag correction and ended at 11221.50 low. The index then continued to rally higher in wave (3). Up from August 20 low, wave 1 ended at 11722.50 high. The subdivision of wave 1 unfolded as 5 waves impulse Elliott Wave Structure. Wave ((i)) ended at 11336.75 high and wave ((ii)) dip ended at 11267 low. Index then extended higher in wave ((iii)) towards 11524 high. Wave ((iv)) pullback then ended at 11407 low. Finally, wave ((v)) higher ended at 11722.50 high. This final move completed wave 1 in higher degree.

Afterwards, Index corrected within wave 2, which ended at 11528.42 low. From there, Index resumed the rally and extended higher. Currently, wave 3 is in progress and can see a few more highs before ending the cycle from August 24 low. This would be followed by wave 4 pullback later in 3,7 or 11 swings. While above 11528.42 low, expect the dips in 3,7 or 11 swings to continue to find support for more upside.

NASDAQ 1 Hour Elliott Wave Chart

NASDAQ 9.2.2020 Asia

NASDAQ Elliott Wave Video