Nasdaq (NQ) Elliott Wave Analysis: Bullish Momentum Continues
The short-term Elliott Wave analysis of Nasdaq (NQ) suggests that the recent rally from the low on 8.5.2024 is unfolding as a 5-wave impulse. This indicates a bullish move in the market. The wave count shows that wave (1) ended at 20025.25, followed by a pullback in wave (2) that ended at 18338.45. The internal subdivision of wave (2) appears to be a double three Elliott Wave structure.
Breaking down the wave count further, wave W ended at 19140.25 and wave X ended at 19693.50. Wave Y unfolded as another double three at a lower degree. Within wave Y, wave ((w)) ended at 18825.75, wave ((x)) ended at 19150.50, and wave ((y)) completed at 18338.45, marking the end of wave Y of (2) in a higher degree.
The Index has now turned higher in wave (3), also showing a 5-wave impulse structure. Up from wave (2), wave ((i)) ended at 18927.5, with a pullback in wave ((ii)) that ended at 18547. Wave ((iii)) concluded at 19813.50, followed by a pullback in wave ((iv)) that ended at 19529. The near-term outlook suggests that the Index is likely to extend higher to complete wave ((v)), which should mark the end of wave 1 in a higher degree. Subsequently, a pullback in wave 2 is expected to correct the cycle from the low on 9.7.2024 in a 3, 7, 11 swing before resuming its upward trajectory.
Key Levels to Watch and Potential Trading Opportunities
As the bullish momentum in Nasdaq (NQ) continues, traders and investors should keep an eye on key levels for potential trading opportunities. The completion of wave 1 could provide a chance to enter long positions, while the expected pullback in wave 2 could offer a favorable entry point for those looking to capitalize on the next upward move.
It’s essential to monitor the price action closely and use technical analysis tools to confirm the Elliott Wave count and identify entry and exit points. Additionally, staying informed about market developments and news that could impact the Nasdaq Index will be crucial in making informed trading decisions.
Expert Insights and Analysis
According to ElliottWave-Forecast, a reputable source for technical analysis and forecasts, incorporating the Elliott Wave Theory with Market Correlation, Cycles, and a Proprietary Pivot System can provide precise forecasts for various instruments, including Forex majors, commodities, and equity indices like Nasdaq (NQ). By offering actionable trade setups, market overviews, wave counts on different time frames, and educational resources, ElliottWave-Forecast aims to empower traders with the tools and knowledge needed to navigate the markets successfully.
In conclusion, the Elliott Wave analysis of Nasdaq (NQ) suggests a bullish outlook, with the current wave count indicating a potential continuation of the upward trend. Traders and investors should remain vigilant, utilize technical analysis tools, and stay informed about market developments to capitalize on potential trading opportunities in the Index.
