In this technical blog, we will look at the past performance of 1 hour Elliott Wave Charts of NASDAQ index, which we presented to members at elliottwave-forecast. In which, the rally from March 22 March 2020 low unfolded as an impulse structure with a higher high sequence favored more upside extension to take place. Therefore, we advised members not to sell the index & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:

NASDAQ 1 Hour Elliott Wave Chart

NASDAQ 1 Hour Elliott Wave Chart from 7/24/2020 Midday update. In which, the cycle from 29 June 2020 low ended wave ((1)) as 5 waves impulse structure at $11058.50 high. Down from there, the index made a pullback in wave ((2)). The internals of that pullback unfolded as Elliott Wave Flat Structure. Whereas, wave (A) ended in 3 swings at $10358.75 low. Wave (B) bounce also ended in 3 swings at $11058 high. Down from there, wave (C) unfolded in 5 waves structure. And managed to reach the $10363.85- $10200.06 100%-123.6% Fibonacci extension area of (A)-(B). From there, buyers were expected to appear for more upside or for 3 wave bounce at least.

NASDAQ 1 Hour Elliott Wave Chart

Here’s 1 Hour Elliott Wave Chart from 8/04/2020 Asia update. The index is showing a reaction higher taking place from the blue box area after ending the Flat correction at $10306.39 low. And breaking to new highs as expected. Allowed members to create a risk-free position shortly after taking the long positions.

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In this blog, we are going to take a look at the Elliott Wave chart of NASDAQ Futures (NQ_F). The 1 hour London chart update from June 8, 2020 shows that the index has ended the cycle from May 27 low at 9742.50 high.  NASDAQ then did a pullback to correct that cycle, which ended at 9572.91 low.  From there, the index continued to extend higher. It has broken above the previous high, creating an incomplete sequence to the upside.  Up from 9572.91 low, wave ((i)) ended at 9875.50 high. The subdivision of wave ((i)) unfolded as 5 waves impulse Elliott Wave structure.  Therefore, 3 waves pullback is expected to unfold before the index resumes higher. While above 9572.94 low, the dip in 3,7 or 11 swing is expected to be supported.

NASDAQ Futures 8 June London Elliott Wave Update

The 1 hour NY chart update from June 8 shows that the pullback in wave ((ii)) reached the equal leg blue box area of wave (w)-(x). This is an area where we expect buyers to appear for 3 waves bounce at least. In the Live Trading Room, EWF members managed to buy the dip in the blue box at the 100% extension level (9755.70) as shown in the Trading Journal below.

NASDAQ Futures 8 June NY Elliott Wave Update

June 9 1-hour Asia chart update shows that buyers did appear at the blue box area. The index continued to extend higher from blue box and managed to break above the previous wave ((i)) high. This allows any long position from that blue box to be risk free as stop loss is moved to entry level.

NASDAQ Futures 9 June Asia Elliott Wave Update

The 1 hour NY chart update from June 10 shows that the index continued to resume higher and made all-time high, breaking the previous February high. Members who took the long position from the blue box then managed to close the position at 10050 target for reward to risk ratio of 4.7.

NASDAQ Futures 10 June NY Elliott Wave Update

 

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Fortinet Inc (NASDAQ: FTNT) ended it’s initial bullish cycle from 2009 low after it rallied within an impulsive 5 waves advance which reached a pea at $121.8 peak on February of this year. The multinational corporation gained a total of %1330 during this 11 Years rally putting it on the list of one of the  fastest growing stocks in last decade.

FTNT saw a 40% drop this year following the broad market correction before a strong reversal taking place in March allowing the stock to return positive with +27% YTD after breaking again to new all time highs.

The recent move allowed the stock to create a new bullish sequence from IPO supporting a new impulsive 5 waves move toward 100% – 161.8% Fibonacci extension area  $194 – $270. The first leg of the new cycle reached the initial target area $147 – $165 from where wave ((1)) is expected to end this summer followed by a corrective pullback in wave ((2)) against March low $70.20 then it can resume the rally again.

Fortinet Weekly cycle remains bullish as the overall trend is intact with an impulsive structure supporting the stock into new highs and the next pullback will provide a good investment opportunity in 3 , 7 or 11 swings.

Fortinet FTNT Weekly Chart

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