Elliott Wave View: Nasdaq (NQ_F) 5 swing bearish sequence favors more downside [Video]
|Short Term view in Nasdaq (NQ_F) suggests the decline from Sept 6, 2021 peak is unfolding as a double three Elliott Wave structure. Down from Sept 6 peak, wave W ended at 14807.5 as a zigzag structure. Wave ((a)) of W ended at 15307.75 and rally in wave ((b)) of W ended at 15532.50. The third leg wave ((c)) of W lower ended at 14807.50. Rally in wave X has also ended at 15402.27 as a zigzag structure. Up from wave W, wave ((a)) ended at 15163.25, pullback in wave ((b)) ended at 14930.50, and wave ((c)) of X ended at 15402.27.
Index has turned lower within wave Y with internal subdivision as a zigzag structure. Down from wave X, wave (i) ended at 15084 and bounce in wave (ii) ended at 15230.75. Wave (iii) lower ended at 14740.75. Expect a rally in wave (iv) to follow and then another turn lower to finish wave (v) as well as wave ((a)). Afterwards, it should rally in wave ((b)) to correct cycle from September 27 peak before the decline resumes again. Near term, as far as pivot at 15402 high remains intact, expect rally to fail in 3, 7, or 11 swing for more downside.
NQ_F 45 Minutes Elliott Wave Chart
Nasdaq Elliott Wave Video
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