Nasdaq 100 ETF (QQQ) further upside expected [Video]
|Short term Elliott Wave View in Nasdaq 100 ETF (QQQ) suggests that the rally from 2.22.2024 low is in progress as a 5 waves impulse. Up from 2.22.2024 low, wave ((i)) ended at 435.18 and dips in wave ((ii)) ended at 425.29. The ETF extended higher in wave ((iii)) towards 440.59 with internal subdivision as a double three. Down from wave ((iii)), wave (w) ended at 435.6 and wave (x) ended at 438.60. Wave (y) lower ended at 433.36 which completed wave ((iv)).
Up from wave ((iv)), wave (i) ended at 441.4 and pullback in wave (ii) ended at 438.57. The ETF extended higher in wave (iii) towards 446.58 and pullback in wave (iv) ended at 445.02. Final leg wave (v) ended at 446.77 which completed wave ((v)) of 1. Pullback in wave 2 unfolded as a zigzag structure. Down from wave 1, wave ((a)) ended at 440.31 and wave ((b)) ended at 444.02. Wave ((c)) lower ended at 433.65 which completed wave 2. Up from there, wave ((i)) ended at 442 and pullback in wave ((ii)) ended at 436.03. The ETF extended higher in wave (i) towards 446.72 and wave (ii) pullback ended at 441.87. Near term, as far as pivot at 421.43 low stays intact, expect pullback to find support in 3, 7, or 11 swing for further upside.
QQQ 60 minutes Elliott Wave chart
QQQ Elliott Wave video
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.