Nasdaq Archives - Page 7 of 13 - Elliott Wave Forecast

NASDAQ (NQ): Two Scenarios That Show Perfect Setup For Traders

January 21, 2025 By EWFSanmi

NASDAQ E-Mini Futures (NQ) appears to be extending the bullish sequence from October 2022. Will the sequence finish soon and lead to a big sell-off across the US indices? While the sequence persists, where should traders eye the next opportunity?

The NQ chart is very clear. After the markets recovered from Covid in March/April 2020, a massive bullish cycle followed. This rally continued until November 2021 and was identified as wave (I). From November 2021, a sell-off began to correct the Covid recovery cycle. The sell-off ended in November 2022 and was identified as wave (II). Wave (III) then started in October 2022 and has continued to rise since. The bullish cycle from October 2022 has gained over 105% from its low and lasted nearly 28 months. Further analysis shows this rally as wave I of (III). Therefore, wave (III) still has a long way to go.

When such a bullish sequence emerges, we prefer buying pullbacks in 3, 7, or 11 swings from the blue box. These blue boxes are shown on the chart for Elliottwave-Forecast members. Within the bullish sequence from October 2022, there have been multiple pullbacks. Members have profited from these. The most recent pullback occurred on August 5, 2024. As shown on the 8.4.2024 chart below, we bought at the extreme of this pullback.

Price reached the blue box to conclude a 7-swing structure and then rallied from there. The 8.27.2024 chart below shows a later update we shared with members as we continue to provide update from this extreme area.

From the blue box, NQ gained about 29% until the recent pullback from December 2024 started. Again, pullbacks within a bullish sequence should be a perfect opportunity for buyers to go again. What are the likely scenarios buyers should look forward to, for the next perfect blue box opportunity? This post will provide two best buying scenarios for traders.

NQ Elliott Wave Analysis – 1st Scenario. 01.21.2025 Update

The NQ chart above shows that wave ((4)) of I ended on January 13, 2025, at 20,690. From this pullback low, wave ((5)) began to emerge. The price is now close to completing wave 1 of (1) of ((5)). A pullback for wave 2 should follow. The best entry was at the extreme of wave ((4)), but it was barely missed. The next opportunity will come after the price breaks above the December 2024 peak at 22,450 with wave 3. After this, buyers can wait for the next pullback. It could be for wave 4, wave ((ii)) of 3, or wave ((iv)) of 3 within the bullish sequence from January 13, 2025. This bullish setup depends on the price breaching the December 2024 high. But what if the price turns lower instead of breaking this high?

NQ Elliott Wave Analysis – 2nd Scenario. 01.21.2025 Update

If the price doesn’t breach 22,450 to confirm the first scenario, it could fall further for a deeper wave ((4)). As the chart above shows, wave ((4)) could develop into a larger 7-swing structure. Wave (W) ended on January 13, 2025, where the current bounce for wave (X) began. Wave (X) may extend to 22,044.07–22,250.96. If the price turns lower from this zone or below it, buyers can watch for the next extreme of wave ((4)) for a perfect long entry. However, if the bounce breaches 22,450, this scenario becomes invalid, and the first scenario becomes valid. In either case, we have prepared our members to act. The strategy is simple: just buy from the blue box! You can also learn to trade from our blue box for just $0.99 for the next 14 days. Try here

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SMH Semiconductor ETF Rally Continuation Should Be Around the Corner

January 16, 2025 By EWFLuis

The VanEck Semiconductor ETF (SMH) is an exchange-traded fund that tracks a market-cap weighted index composed of 25 of the largest U.S.-listed semiconductor companies. The top holdings of SMH include companies like NVIDIA, Taiwan Semiconductor Manufacturing, Broadcom Inc., Texas Instruments, QUALCOMM, ASML Holding N.V., Applied Materials, Inc., Lam Research Corporation, Micron Technology, Inc., and Advanced Micro Devices, Inc.

SMH 4 Hour Chart September 11th

Last September 11th, we talked about SMH. After completing wave (III), we had a deep pullback as a zig zag correction. Down from wave (III), wave “a”ended at 226.50 low and bounced as wave “b” ended at 251.00 high. Last push lower completed wave “c” and a wave (IV) at 197.50 low. Then, SMH started the uptrend again and wave (V). It built an impulse structure ending at 253.32 high as wave I. Pullback as wave II ended at 213.57 low. From here, we were expecting to continue the rally in wave III of (V). Ideally, the market should break 284.26 high as target to end wave (V). In case, if this rally would not break above wave (III), the next target to keep an eye comes around 269.50 level.

SMH Daily Chart January 16th

Currently in the daily timeframe, the semiconductors ETF has moved sideways between 230 – 260 dollars. The market rally as expected from 222.20 as the last chart, but it has not been strong enough to break the peak and even worse to reach 269.50 level. Therefore, we adjusted the chart calling the wave I as a leading diagonal ending at 262.26 high. The ranging since October 2024 until today should be the wave II correction. We are calling a running flat correction for this purpose. For us, the wave III has started and wave ((1)) of III ended at 257.20 high and now it is trading in wave ((2)) pullback. As price action remains above 240.62 low, we are expecting for more upside to break 283.07 high.

Besides, as we are calling a running flat correctionas wave II, we cannot rule an expanded flat correction as wave II. That means, if market breaks 240.62 low, SMH should continue lower to 235.29 – 228.61 area to finish wave II before resuming the rally. Let’s see how the market treats us. Trade Smart!

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Rigetti Computing RGTI Ended a Cycle Looking for Support

January 9, 2025 By EWFLuis

In the last two days, RGTI has had a strong fall, losing more than 50% of its value. The stock ended a cycle and began a correction. Now we are going to see what could happen to the Quantum technology company, from where it can rebound and the pivots that will tell us if the market will return to November 2024 values.

RGTI 30-Minute Chart Analysis: December 26, 2024

RGTI 30-minute chart showing wave structure before recent decline

This is the last chart from December 26th where we hit target and wave (5) looked like was going to extend higher. We can see how wave 1 ended at 12.79 high and the market did a small pullback as wave 2 to 10.20 low. The wave 3 started hitting our target area of 14.37 – 16.89 calling for more upside. Therefore, we expected that the market should continue moving sideway to higher until it ends wave 3. Then, wave 4 correction should retest around the low of wave ((iv)) and finally, a last push higher should end wave 5 of (5) before seeing a retracement in 3, 7 or 11 swings correction.

RGTI 60-Minute Chart Update: January 8, 2025

RGTI 60-minute chart showing completed ending diagonal pattern

This is the lastest chart of RGTI. We can see how wave 3 ended at 19.35 high and pullback as wave 4 at 14.40 low. The stock continued higher developing wave 5 as an ending diagonal structure. After 5 swings the structure completed at 21.42 high. Also ended wave (5) in higher degree and possible wave ((3)) in higher degree.

In a post of Jan 2nd by @ElliottForecast, we suggested the area where we should see a reaction lower. Here is the post: $RGTI has rallied higher and it should continue to 20.50 – 22.33 area. If we see a reaction lower from this zone, a cycle could have ended and we will expect 3, 7 or 11 swings correction before resuming to the upside. If there is not reaction, it should continue extending higher.”

Once an ending diagonal is completed, it is a big warning because a strong pullback is possible. We can see the stock has broken down losing more than 50% of its value. Looks like is building a zig zag correction at the moment, but it is too early to tell certainly. If this move is a wave ((4)), we have a huge support. We consider a support area of 8.37 – 5.79. We should see a bounce in this area to continue the rally and break above 21.42 high. However, if the stock closed a day market below this area, it is dangerous because it could return to levels of November 2024. Let see what the structures give us next days. Trade safe!

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Nasdaq ETF (QQQ): Elliott Wave Forecasting the Future Path

January 2, 2025 By EWF Vlada

Hello traders and investors! In this technical article, we’re going to take a quick look at the Elliott Wave charts of the Nasdaq ETF QQQ, published in the members area of the website. As our members know, QQQ is showing impulsive bullish sequences in the cycle from the August 420.16 low. As a result, we are favoring long side at this stage. However, we believe the H4 pullback is still incomplete and could provide another leg down. We will explain the reasons behind this Elliott Wave forecast and how to trade it further in this article.

QQQ H1 Update 12.24.2024

The ETF shows 5 waves down from the 539.15 peak, suggesting we have ended only a first leg of potential Zig Zag pattern. QQQ is currently doing 3 waves recovery against the 539.15 high, labeled as (B) blue. Structure of the bounce looks incomplete, suggesting another leg up ideally before turn lower takes place .

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QQQ H1 Update 12.31.2024

QQQ made the proposed leg up and completed a 3-wave recovery at the 531.3 high. We consider the (B) recovery complete there. As long as the price remains below that level, we expect further weakness in the (C) leg. We don’t recommend selling against the main bullish trend and will use the (C) leg as a new buying opportunity if the next extreme zone is reached.

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Rigetti Computing RGTI Hit Another Target. Possible Extension Ahead.

December 27, 2024 By EWFLuis

RGTI has risen rapidly in value in recent days attracting the attention of investors. Here we have the 15-minute chart. Applying the Elliott Waves principle, the stock should find support in 5.89 – 7.07 area to complete a wave 4. This would generate a new rally on wave 5 that could reach around 8.94 – 10.25 or extend higher.

RGTI 15 Min Chart 12.11.2024

In any case, as long as the market respects the 5.89 – 7.07 area, RGTI must continue with the upward movement and break above wave 3 to reach at least 8.94 – 10.25. If the market closes below 5.89, it would open the possibility that the value of the stock will drop to 4.00 before looking for another move higher.

RGTI 5 Min Chart 12.11.2024 (Market Closed)

RGTI found support at 5.78 low and rallied. From here, we are looking to build an impulse structure as wave 5. Wave ((i)) could be completed already and while the pullback as wave ((ii)) is above 5.78 low, RGTI should continue higher. The target for this wave 5 comes in 9.11 -10.14 if there is not more extension in the rally.

RGTI 30 Min Chart 12.20.2024

We can see in the chart how was the formation process of the impulse as wave 5. Wave ((ii)) did an expanded flat correction that was very deep, almost breaking the invalidation price. In the rally, we see 5 waves reaching the expected zone of 9.11 – 10.14 completing wave ((iii)). This should have given us a clue that the market still needed one more high to finish the wave 5 impulse. And so it was! After the correction of wave ((iv)), Rigetti built an extended wave ((v)) to finish wave 5 at 12.75 high. The truth is that I would not have considered an extended wave ((v)), I would have considered a value of 11.05 to complete wave ((v)).

The rally also completed wave (3) and the market reacted downwards returning to the support zone of 5.78 – 7.07 finishing wave (4). As long as the market does not close below this area, RGTI should continue to rise in the short term. With a close below this area, we must reanalyze the market structure. For now, we should focus on looking for more bullish movement that reaches the 14.34 – 16.85 area, if there are no further extensions, to finish wave (5).

RGTI 30 Min Chart 12.26.2024

Today we hit a new target after RGTI rallied around 34% and wave (5) looks like is going to extend higher. We can see how wave 1 ended at 12.79 high and the market did a small pullback as wave 2 to 10.20 low. The wave 3 started hitting our target area of 14.37 – 16.89 and it is possible that it is not completed. Therefore, the market should continue moving sideway to higher until it ends wave 3. Then wave 4 correction should retest around the low of wave ((iv)). Currently, we do not know where wave ((iv)) is going to end, keep an eye on that price.

Finally, a last push higher should end wave 5 of (5) before seeing a retracement in 3, 7 or 11 swings correction. The invalidation level is at 10.20 low. If the price breaks at any moment this level, the cycle should be ended and RGTI could return to the support zone.

RGTI 30 Min Chart 12.26.2024

This option is the most conservative view. As you can see, the structure would be currently in wave 5 and could start to retrace at any moment. If this count plays out, we could return to the support 5.78 – 7.07 zone before continuing with further bullish movement.

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Netflix Is In Process Of Doing Five Waves Advance

December 24, 2024 By Hassan Sheikh

Short Term Elliott Wave view in Netflix ticker symbol: $NFLX suggests that rally from 8.05.2024 low is incomplete & should continue upside. It is showing 3 swing higher since August-2024 low & expect more upside against 11.18.2024 low. It ended 1 at $736 high as diagonal & 2 correction at $669 low. Within 1, it placed ((i)) at $711.33 high, ((ii)) at $660.80 low & ((iii)) at $728 high. Wave ((iv)) ended at $696.43 low & finally ((v)) ended at $736 high as wave 1. Within 2 correction, it placed ((a)) at $699.78 low, ((b)) at $710.24 high & ((c)) at $669 low near 50% Fibonacci retracement of 1.

Above 2 low, it favors upside in wave 3 in another 5 waves impulse sequence. Whereas wave ((i)) ended at $773 high, wave ((ii)) ended at $744.26 low. Wave ((iii)) ended at $841 high, wave ((iv)) ended at $804.30 low and wave ((v)) at $941.75 high. Below from there, the stock made a pullback in wave 4 to correct the cycle from 10.17.2024 low. The internals of that pullback unfolded as Elliott wave double three structure where wave ((w)) ended at $909.61 low in a lesser degree 3 waves.

A bounce to $928.94 high ended wave ((x)) and started the ((y)) leg lower towards $896.73- $876.79 blue box area where buyers were expected to appear. Since then the stock has reacted higher from the blue box area allowed longs to get into a risk free position. Therefore ended wave 4 pullback at $881.01 within the blue box area. Near-term, as far as dips remain above $881.01 low and more importantly above $804.46 low the stock is expected to resume the upside in wave 5. For minimum extension target towards $956.38- $979.68 area higher (inverse 123.6%- 161.8% Fib extension of wave 4). Before ending the cycle from 8.05.2024 low in 5 waves advance & making a pullback.

Netflix (NFLX) Latest 45-Minutes Elliott Wave Chart

Netflix Elliott Wave Video

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