Elliott Wave View: Nasdaq (NQ) Should Continue Higher

Technical analysis of Forex market

Nasdaq Futures (NQ) breaks to a new all time high above the previous peak on September 7, 2021 at 15708.75. This suggests that buyers remain in control and the next leg higher has started. Short term Elliott Wave view suggests the rally from October 6, 2021 low is unfolding as a 5 waves impulse Elliott Wave structure. Up from October 6 low, wave ((i)) ended at 14754.75 and pullback in wave ((ii)) ended at 14422.50. Index then resumes higher in wave ((iii)) towards 15701. Internal of wave ((iii)) unfolded as another 5 waves in lesser degree. Up from wave ((ii)), wave (i) ended at 15001.25 and dips in wave (ii) ended at 14586.50.

Index then resumes higher in wave (iii) towards 15483.75 and pullback in wave (iv) ended at 15273.75. Final leg higher wave (v) ended at 15701 which also completes wave ((iii)). Expect Index to pullback in wave ((iv)) to correct cycle from October 6 low before the rally resumes. As far as wave ((ii)) low pivot at 14424.08 low remains intact, expect wave ((iv)) pullback to find support in 3, 7, or 11 swing for further upside.

Nasdaq 60 Minutes Elliott Wave Chart