As per the Short Term Elliott Wave analysis of Nasdaq Futures (NQ), the rally from the low on 4.19.2024 is believed to be progressing as an impulse. The wave ((i)) concluded at 17949, followed by a dip in wave ((ii)) which ended at 17386. The market then extended higher in wave ((iii)) with internal subdivision indicating another impulse in a lesser degree.
The subsequent wave movements unfolded with wave (i) ending at 18348, while wave (ii) saw a dip and concluded at 18165. Wave (iii) wrapped up at 18760, wave (iv) ended at 18545, and wave (v) finished at 19023 which completed the wave ((iii)). Notably, the wave ((iv)) pullback exhibited a zig zag Elliott Wave structure with wave (a) ending at 18802, wave (b) concluded at 18933, and the final leg wave (c) finished at 18621 low. The market then surged again in wave ((v)), culminating in an impulse as wave (i) of ((v)) at 18956 high.
Moving forward, as long as the pivot at 18621 low remains intact, a correction in either 3 swings or 7 swings is anticipated in wave (ii) before the resumption of the upward movement in wave (iii) of ((v)). The outlook suggests a short term upside in ((v)) towards the 19117 – 19270 area as a minimum extension, with a requirement for dips to remain above 18623.85 low. On the flip side, there’s a possibility of a double correction if there’s a break below 18623.85 low as ((iv)) before the market takes a bullish turn.
This analysis provides traders and investors with valuable insights into the current state of Nasdaq Futures, allowing them to make informed decisions based on the predicted wave movements. By closely monitoring the progression of Elliott Waves, market participants can strategically plan their trades to capitalize on potential opportunities presented by the market trends. It is essential to remain vigilant and adaptable in response to any unexpected fluctuations in the market to mitigate risks and optimize returns.