Elliott Wave View: Nasdaq Wave 5 In Progress [Video]

Short term Elliott Wave chart below suggests the dips to 8848.71 ended wave ((4)). This is part of a larger implusive rally which started from 3.23.2020 low. Wave ((5)) is currently in progress as 5 waves in lesser degree. Up from wave ((4)) at 8848.71, wave 1 ended at 9143, and pullback in wave 2 ended at 8925.50. Index then resumed higher in wave 3 towards 9417.25 and wave 4 pullback ended at 9273.

Final leg higher in wave 5 ended at 9510.75 and this also completed wave (1) of ((5)). Wave (2) pullback is currently in progress to correct cycle from 5.14.2020 low before the rally resumes. Internal subdivision of wave (2) is unfolding as a double three where wave W should end soon as a zigzag. Index should then bounce in wave X and then turn lower again in 3 waves to complete wave Y of (2).

Index should then resume higher again in wave (3) of ((5)) provided that pivot at 8848.71 low stays intact. Dips in the Index should find support in 3, 7, or 11 swing against 8848.71 in the first degree. If pivot at 8848.71 low fails, then Index may have ended cycle from 3.23.2020 low. In this case, a larger pullback should happen before Nasdaq resumes again.

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