Nasdaq (NQ) extending higher in impulsive structure [Video]

Elliott Wave Forecast Team ElliottWave-Forecast.com

The short-term Elliott Wave View in the Nasdaq (NQ) suggests that rally from 1.5.2024 low is in progress as a nesting 5 waves impulse. Up from 1.5.2024 low, wave ((i)) ended at 18121.5 and pullback in wave ((ii)) ended at 17372.75. Internal subdivision of wave ((ii)) unfolded as a zigzag structure. Down from wave ((i)), wave (a) ended at 17542 and rally in wave (b) ended at 18026. Down from wave (b), wave i ended at 17717 and wave ii ended at 17903.5. The Index extended lower in wave iii towards 17452.5 and wave iv ended at 17614.5. Last leg wave v ended at 17372.75, which also completed wave (c) of ((ii)).

The Index has turned higher in wave ((iii)). Up from wave ((ii)), wave (i) ended at 18144.75. Pullback in wave (ii) unfolded as a double zigzag Elliott Wave structure. Down from wave (i), wave w ended at 17922 and wave x ended at 18059.50. Wave y lower ended at 17826 which completed wave (ii) in higher degree. The Index has turned higher in wave (iii). Near term, as far as pivot at 17372.75 low stays intact, expect Index to extend higher and any dips to find support in 3, 7, or 11 swing for more upside.

Nasdaq 45 minutes Elliott Wave chart

NQ Elliott Wave video

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

EUR/USD holds near 1.1900 ahead of US data

EUR/USD struggles to build on Monday's gains and fluctuates near 1.1900 on Tuesday. Markets turn cautious, lifting the haven demand for the US Dollar ahead of the release of key US economic data, including Retail Sales and ADP Employment Change 4-week average.

GBP/USD declines toward 1.3650 on renewed USD strength

GBP/USD stays on the back foot and declines to the 1.3650 region on Tuesday. The negative shift seen in risk mood helps the US Dollar (USD) gather strength and makes it difficult for the pair to find a foothold. The immediate focus is now on the US Retail Sales data.

Gold stabilizes above $5,000 ahead of US data

Gold enters a consolidation phase after posting strong gains on Monday but stays above the $5,000 psychological mark and the daily swing low. US Treasury bond yields continue to edge lower on news of Chinese regulators advising financial institutions to curb holdings of US Treasuries, helping XAU/USD hold its its ground.

Bitcoin Cash trades lower, risks dead-cat bounce amid bearish signals

Bitcoin Cash trades in the red below $522 at the time of writing on Tuesday, after multiple rejections at key resistance. BCH’s derivatives and on-chain indicators point to growing bearish sentiment and raise the risk of a dead-cat bounce toward lower support levels.

Dollar drops and stocks rally: The week of reckoning for US economic data

Following a sizeable move lower in US technology Stocks last week, we have witnessed a meaningful recovery unfold. The USD Index is in a concerning position; the monthly price continues to hold the south channel support.

Bitcoin Cash trades lower, risks dead-cat bounce amid bearish signals

Bitcoin Cash (BCH) trades in the red below $522 at the time of writing on Tuesday, after multiple rejections at key resistance. BCH’s derivatives and on-chain indicators point to growing bearish sentiment and raise the risk of a dead-cat bounce toward lower support levels.