IONQ favors corrective pullback before rally continue

Elliott Wave Forecast Team ElliottWave-Forecast.com

IONQ Inc., (IONQ) engages in the development of general-purpose quantum computing systems in the US. It sells the access to quantum computers of various qubit capacities. The company makes access to its quantum computers through cloud platforms, such as Amazon web services, Amazon Braket, Microsoft’s Azure Quantum & Google’s cloud marketplace. It is based in Maryland, comes under Technology sector & trades as “IONQ” ticker.

IONQ made all time high at $35.90 in November-2021 & all time low at $3.04 on 12.28.2022. Above there, it reacted higher in impulse sequence ended wave I at $21.60 high. It favors pullback in II in 3 swing pullback against December-2022 low.

IONQ – Elliott Wave latest daily view

Since December-2022 low, it finished ((1)) at $6.00 high & corrected lower in ((2)) at $4.38 low as 0.5 Fibonacci retracement. Later, it started third wave extension, which ended at $20.14 high. Within ((3)), it placed (1) at $7.35 high, (2) at $5.29 low, (3) at $16.30 high, (4) at 14.15 low & (5) at $20.14 high. It was corrected in ((4)) in zigzag sequence at $12.19 low as dip pullback. Finally, it ended ((5)) at $21.60 high as wave I.

Below $21.60 high, it favors pullback in wave II as proposed zigzag correction. It favors pullback lower in ((A)) of II, where it appears ended (3) at $12.96 low & should bounce in (4) before turning lower in (5) of ((A)). Later, it expects to bounce in ((B)) connector in 3 or 7 swings & fail below I high extend lower in ((C)) to finish II towards extreme areas. It should remain above December-2022 low to resume higher.

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Elliott Wave Forecast Team

ElliottWave-Forecast.com

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