NASDAQ Elliott Wave Analysis: Ready To Rally Higher?!

Hello Traders,

Today we will have a look at NASDAQ in the 1-hour timeframe.

Short-term Elliott wave analysis suggests that the decline to $7167.37 low ended blue wave (2) pullback. The internals of that pullback unfolded as Elliott Wave Flat correction where red wave A ended at $7311.50 low. Above from there, the bounce to $7530 high ended red wave B bounce as Elliott wave Zigzag where black wave ((a)) ended at $7489.75 high, black wave ((b)) pullback ended at $7386.75 low and black wave ((c)) of red B ended at $7530 high.

Down from there, the index declined in 5 waves lower within red wave C. The first leg lower black wave ((i)) ended at $7388.5. Up from there, the bounce to $7467 high ended black wave ((ii)) and then the decline to $7263.50 low ended black wave ((iii)). black wave ((iv)) bounce ended at $7309.25 and the last leg black wave ((v)) of red C ended at $7167.37 low. This last leg also completed blue wave (2) pullback.

Near-term, while dips remain above $7167.37 low, we expect the Index to resume the next leg higher. A break above $7530 (irregular red wave B) however is needed for final confirmation to avoid a double correction lower. As long as the pivot at 7167.37 low in our distribution system stays intact, we expect it move higher. We don’t like selling the index.