Nasdaq Index (NQ_F) ended the cycle from February 20, 2020 high at 6628.75 as wave (a). Internal of wave (a) unfolded as a 5 waves impulse Elliott Wave structure. Down from February 20 high, wave I ended at 8126.25 and bounce in wave II ended at 9002.50. Index then resumed lower in wave III towards 6810 and wave IV bounce ended at 7629. The last leg wave V of (a) ended at 6628.75.

Wave (b) is currently in progress and it is unfolding as a zigzag Elliott Wave structure. Up from 6628.75, wave a ended at 7761 as 5 waves impulse. Wave ((1)) of a ended at 7316.25 and wave ((2)) of a ended at 6760. Wave ((3)) of a ended at 7757.75, wave ((4)) of a ended at 7371.50, and wave ((5)) of a ended at 7761. Pullback in wave b ended at 7295.24. The Index has resumed higher in wave c which should unfold in 5 waves.

Up from 7295.24, wave ((1)) is proposed complete at 7893.25. Expect wave ((2)) pullback to hold above 7295.24 for more upside. Dips should find support in 3, 7, or 11 swing against 7295.24 low for further upside.

 

Nasdaq (NQ_F) 1 Hour Elliott Wave Chart

Nasdaq

 

Nasdaq (NQ_F) Elliott Wave Video

 

FURTHER DISCLOSURES AND DISCLAIMER CONCERNING RISK, RESPONSIBILITY AND LIABILITY Trading in the Foreign Exchange market is a challenging opportunity where above average returns are available for educated and experienced investors who are willing to take above average risk. However, before deciding to participate in Foreign Exchange (FX) trading, you should carefully consider your investment objectives, level of xperience and risk appetite. Do not invest or trade capital you cannot afford to lose. EME PROCESSING AND CONSULTING, LLC, THEIR REPRESENTATIVES, AND ANYONE WORKING FOR OR WITHIN WWW.ELLIOTTWAVE- FORECAST.COM is not responsible for any loss from any form of distributed advice, signal, analysis, or content. Again, we fully DISCLOSE to the Subscriber base that the Service as a whole, the individual Parties, Representatives, or owners shall not be liable to any and all Subscribers for any losses or damages as a result of any action taken by the Subscriber from any trade idea or signal posted on the website(s) distributed through any form of social-media, email, the website, and/or any other electronic, written, verbal, or future form of communication . All analysis, trading signals, trading recommendations, all charts, communicated interpretations of the wave counts, and all content from any media form produced by www.Elliottwave-forecast.com and/or the Representatives are solely the opinions and best efforts of the respective author(s). In general Forex instruments are highly leveraged, and traders can lose some or all of their initial margin funds. All content provided by www.Elliottwave-forecast.com is expressed in good faith and is intended to help Subscribers succeed in the marketplace, but it is never guaranteed. There is no “holy grail” to trading or forecasting the market and we are wrong sometimes like everyone else. Please understand and accept the risk involved when making any trading and/or investment decision. UNDERSTAND that all the content we provide is protected through copyright of EME PROCESSING AND CONSULTING, LLC. It is illegal to disseminate in any form of communication any part or all of our proprietary information without specific authorization. UNDERSTAND that you also agree to not allow persons that are not PAID SUBSCRIBERS to view any of the content not released publicly. IF YOU ARE FOUND TO BE IN VIOLATION OF THESE RESTRICTIONS you or your firm (as the Subscriber) will be charged fully with no discount for one year subscription to our Premium Plus Plan at $1,799.88 for EACH person or firm who received any of our content illegally through the respected intermediary’s (Subscriber in violation of terms) channel(s) of communication.

Recommended Content


Recommended Content

Editors’ Picks

GBP/USD trims a part of intraday losses, down a little below 1.3200 ahead of BoE

GBP/USD trims a part of intraday losses, down a little below 1.3200 ahead of BoE

The GBP/USD pair finds some support near the 1.3150 region on Thursday and for now, seems to have stalled its retracement slide from the 1.3300 neighborhood, or the highest level since March 2022 touched the previous day. 

GBP/USD News
EUR/USD flat lines above 1.1100 after Fed's bumper rate cut

EUR/USD flat lines above 1.1100 after Fed's bumper rate cut

The EUR/USD pair trades flat during the early European session on Thursday. The major pair initially edges higher to monthly highs of 1.1189 after a large rate cut by the Federal Reserve at its September meeting and eases back to near 1.1120.  

EUR/USD News
Gold defends $2,550 in the Fed’s aftermath, ahead of US data

Gold defends $2,550 in the Fed’s aftermath, ahead of US data

Gold price is defending $2,550 early Thursday, catching a breath after intense volatility witnessed in the aftermath of the all-important US Federal Reserve monetary policy announcements and Fed Chairman Jerome Powell’s press conference.

Gold News
Bitcoin surges to $62,000 mark after 50 bps Fed rate cut

Bitcoin surges to $62,000 mark after 50 bps Fed rate cut

Bitcoin and Ripple eye for a rally as they break and find support around their resistance barrier. Meanwhile, Ethereum demonstrates signs of recovery as it approaches a critical resistance level, indicating that an upward rally could be on the horizon if it successfully breaks through.

Read more
Australian Unemployment Rate expected to hold steady at 4.2% in August

Australian Unemployment Rate expected to hold steady at 4.2% in August

The Australian Bureau of Statistics will release the monthly employment report at 1:30 GMT on Thursday. The country is expected to have added 25K new positions in August, while the Unemployment Rate is foreseen to remain steady at 4.2%.

Read more
Moneta Markets review 2024: All you need to know

Moneta Markets review 2024: All you need to know

VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.

Read More

Majors

Cryptocurrencies

Signatures