Elliott Wave View Calling for More Upside in Nasdaq [Video]

Elliott Wave Forecast Team ElliottWave-Forecast.com

Nasdaq Futures (NQ_F) shows a higher high sequence from June 4 low, favoring further upside. Short term, rally to 7600.75 ended wave (1) and pullback to 7421.48 ended wave (2). Wave (3) rally is in progress as an impulse Elliott Wave structure. Up from 7421.48, wave ((i)) ended at 7536 and wave ((ii)) pullback ended at 7477.75. Wave ((iii)) is expected to end soon and the internal also subdivides as an internal of lesser degree.

Wave (i) of ((iii)) ended at 7541.5, wave (ii) of ((iii)) ended at 7509.25, wave (iii) of ((iii)) ended at 7721.75, and wave (iv) of ((iii)) ended at 7630. Expect wave (v) of ((iii)) to end soon, then Index should pullback in wave ((iv)) before another leg higher in wave ((v)). The 5 waves move higher from June 13 low (7421.48) should end wave 1, then Index should correct cycle from June 13 low within wave 2 before the rally resumes. We don’t like selling the Index and expect the Index to continue finding support and extending higher as far as pivot at 7421.48 low stays intact. A break above April 25 peak (7879.5), if it happens, will bolster the bullish view in the Indices.

Nasdaq Futures (NQ_F) 1 Hour Elliott Wave Chart

Nasdaq Futures (NQ_F) 1 hour Elliott Wave Video

Interested in active FX or CRYPTO Elliott Wave labeled charts on a daily basis? Now it's your time; we have a SPECIAL offer; 50% Off on FX and Crypto markets. Check Elliott Wave Forecast website for more details.

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

EUR/USD: US Dollar to remain pressured until uncertainty fog dissipates

Unimpressive European Central Bank left monetary policy unchanged for the fifth consecutive meeting. The United States first-tier employment and inflation data is scheduled for the second week of February. EUR/USD battles to remain afloat above 1.1800, sellers moving to the sidelines.

GBP/USD softens to near 1.3600 as BoE hints further rate cuts

The GBP/USD pair loses ground to near 1.3610 during the early Asian session on Monday. The Pound Sterling softens against the Greenback amid growing expectations of the Bank of England’s interest-rate cut. Traders will take more cues from the Fedspeak later on Monday.

Gold holds gains near $5,000 as China's gold buying drives demand

Gold price clings to the latest uptick near $5,000 in Asian trading on Monday. The precious metal holds its recovery amid a weaker US Dollar and rising demand from the Chinese central bank. The delayed release of the US employment report for January will be in the spotlight later this week.

Bitcoin Weekly Forecast: The worst may be behind us

Bitcoin price recovers slightly, trading at $65,000 at the time of writing on Friday, after reaching a low of $60,000 during the early Asian trading session. The Crypto King remained under pressure so far this week, posting three consecutive weeks of losses exceeding 30%.

Weekly column: Saturn-Neptune and the end of the Dollar’s 15-year bull cycle

Tariffs are not only inflationary for a nation but also risk undermining the trust and credibility that go hand in hand with the responsibility of being the leading nation in the free world and controlling the world’s reserve currency.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.