Elliott Waves in the Short Term According to Nasdaq Futures (NQ F), the slide to 13959.18 terminated wave 1. (2). From there, the Index has resumed its upward trend in wave (3), with internal unfolding as an impulsive Elliott Wave structure. Wave I ended at 14154, and wave ((ii)) ended at 14066.50, up from wave (2). The Index then climbed in wave I to 14179, before pulling back in wave (ii) to 14112. Wave (iii) finished at 14315.75, wave (iv) at 14231.75, and the final leg wave (v) at 14422. In a higher degree, this completed wave ((ii)). Wave ((iv)pullback )’s has similarly terminated at 14313.25.
Internally, Wave ((v)) is currently in progress as a 5 waves impulse with a reduced degree. Wave I ended at 14372.75, and wave (ii) concluded at 14317.75, up from wave ((iv)). The index then resumed its upward movement in wave (iii) at 14519.75, with wave (iv) ending at 14468.75. Expect the Index to finish wave (v) of ((v)) soon, completing wave 1 to a greater extent. Before the rally resumes, it should pullback in wave 2 to correct the cycle from the June 21 low (13959.18). Expect declines to find support in the 3, 7, or 11 swing for more upside if the June 21 low pivot at 13959.18 holds.
Elliott Wave Chart for NQ 30 Minutes

Elliott Wave Video for the Nasdaq (NQ) Read More