NQ_F: Forecasting Elliott Wave ((iii)) higher in Nasdaq futures

Elliott Wave Forecast Team ElliottWave-Forecast.com

In this blog we will see how we were able to forecast in advance the wave ((iii)) higher in NQ_F. Nasdaq has been one of the weakest Indices within 2022 and has been seeing a relief bounce rally as of recent. We will see below how here at Elliott Wave Forecast were able to forecast in advance the upcoming wave ((iii)) of C in NQ_F.

Let have a look on how we saw Nasdaq during 01.16.23. It had ended B leg at 10754.28 and since then has been showing 5 waves off these lows. Thus confirming C leg in progress. In the 1 hour cycle it is within wave i of (v) of ((i)).

NQ_F 01.16.23 1 hour London update chart

Now let’s check out our latest chart from 01.27.23. As seen it is within wave iii of (iii) of ((iii)). As we can see Nasdaq completed the pullback in wave ((ii)) and accelerated higher in wave ((iii)). With wave (i) and (ii) completed now it is trading within iii of (iii) of ((iii)). Near term, after it ends (iii) and pullback in (iv) it is expected higher in (v) of ((iii)).

NQ_F 01.27.2023 1 hour midday update

Learn more about NQ_F in near term and longer term cycles by becoming a member. Here at Elliott Wave Forecast we provide analysis of 78 instruments in which you get 4 daily updates. Asian, London, New York and NY Midday. Once a day you get a 4 hour update and once a week Daily and Weekly charts update. In addition you get the chance to attend or watch the recording of our Analysis Session and Live Trading Room. Learn how to trade the right side and learn how we analyze and see the market.

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

GBP/USD advances above 1.3500 as easing Fed hike bets down USD

GBP/USD extends the advance above 1.3500 in the European trading hours on Friday. The US Dollar drops against the British Pound as cooler-than-expected US consumer and producer inflation data have limited the Fed's room for further interest rate hikes. Traders will keep an eye on the US July Retail Sales report and the Consumer Sentiment data later this Friday.

EUR/USD climbs above 1.1550 as US Dollar slips ahead of data

EUR/USD gains traction in the European session on Friday and trades in positive territory above 1.1550. The pair capitalizes on renewed US Dollar weakness, as doubts over a September Fed rate hike offset lingering Middle East concerns. The US Retail Sales and UoM Consumer Sentiment data are in focus later in the day. Meanwhile, the data from the Eurozone showed that the Gross Domestic Product (GDP) expanded at an annual rate of 1% in the second quarter, as expected.

Gold sticks to losses but holds above $4,300 as reduced Fed hike bets weigh on USD

Gold recovers slightly from the $4,300 neighborhood heading into the European session, though it remains in negative territory for the second straight day. Moreover, a mixed fundamental backdrop warrants some caution before positioning for an extension of the retracement slide from $4,450, or the highest since June 5, set the previous day.

Bitcoin SV hits three-month high, eyeing 200-day EMA breakout

Bitcoin SV is up nearly 2% extending a steady upward trend over the last two weeks. Retail strength builds in BSV amid multiple vulnerabilities found in the Bitcoin ecosystem. Bitcoin SV’s technical outlook is bullish as the price tests an upside breakout above the 200-day Exponential Moving Average at $15.39.

UoM Consumer Sentiment Index set to ease as inflation, labour market worries loom

The University of Michigan will release the preliminary estimate of August’s Consumer Sentiment Index on Friday. US consumers’ confidence is expected to have ticked down to 54.5 in August from 55.2 in July, as measured by the UoM Consumer Sentiment Index.

Why is Crude Oil priced for a reopening the ships haven't made?

Fourteen vessels crossed the Strait of Hormuz on Tuesday. Before the war, the count ran near 120 a day. In the sessions since the waterway was publicly declared open, Brent has drifted back to $87 and West Texas Intermediate (WTI) to $81, both a little lower again on Wednesday, with daily momentum on each unwound from the top of its range in late July to the low twenties now.