Short term Elliott wave view in NASDAQ (NQ_F) suggests the Index ended the cycle up from February 1, 2020 low in wave 1 at 9687.50 high. The index then corrected that cycle up in wave 2 as a zig-zag. Wave ((a)) of 2 ended at 9655.50 low. The bounce in wave ((b)) ended at 9669.25 high. It then resumed lower in wave (©) of 2, which ended at 9536.85 low. The index has since broken above wave 1 high and has resumed higher in wave 3. The internal subdivision is unfolding as a 5 waves impulse Elliott Wave structure.
Up from wave 2 low at 9536.85, Wave i of (i) ended at 9677.75 high. It then corrected in wave ii and ended at 9652.25 low. From there, wave iii rally ended at 9748.75 high and wave iv pullback ended at 9719.75 low. The index then resumed higher and ended wave v of (i) at 9763 high. Currently, the index is doing a pullback in wave (ii) to correct the cycle from February 18 low (9536.85). While above 9536.85 low, the dip is expected to continue finding support in 3,7, or 11 swings for further upside.
NASDAQ (NQ_F) 1 Hour Elliott Wave Chart
