Nasdaq (NQ_F) short term cycle is mature and may see pullback [Video]

Elliott Wave Forecast Team ElliottWave-Forecast.com

Short term Elliott Wave in Nasdaq Futures (NQ_F) shows cycle from October 27, 2023 low is unfolding as a 5 waves impulse. This cycle is mature even though it still can extend higher in the shorter cycle. Up from October 27 low, wave (1) ended at 15453.75 and pullback in wave (2) ended at 15207.75. The Index then extended higher in wave (3). Up from wave (2), wave 1 ended at 15612.75 and wave 2 ended at 15465.25.

Index extended to the upside and ended wave 3 at 16049.50. Wave 4 as triangle structure ended at 15887.25. Last push higher is still developing. We are calling an ending diagonal structure to end wave 5 of (3). The structure needs one more high to end the cycle and it could reach 16216.25 – 16280.25 area to finish wave (3). Once we watch a reaction lower, wave (4) correction should start in 3, 7, or 11 swing before further upside in wave (5). Near term, as far as pivot at 15206.46 low is holding, expect dips to find support in 3, 7, 11 swing for further upside. As an alternate, wave (5) can be ending with the new high and the Index should then see a bigger pullback to correct cycle from October 27 low.

Nasdaq (NQ_F) 60 minutes Elliott Wave chart

Nasdaq (NQ) Elliott Wave video

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Elliott Wave Forecast Team

ElliottWave-Forecast.com

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