Short term analysis of Nasdaq (NQ) using the Elliott Wave theory indicates that the recent rally from the low on 8.5.2024 is developing as a 5-wave impulse. The first wave (1) concluded at 20025.25, followed by a pullback in wave (2) ending at 18338.45, structured as a double three Elliott Wave pattern. The downward movement from wave (1) consisted of wave W ending at 19140.25 and wave X ending at 19693.50, with wave Y unfolding as another double three pattern at a lower degree. Within wave X, wave ((w)) ended at 18825.75, wave ((x)) ended at 19150.50, and wave ((y)) concluded at 18338.45, completing wave Y of (2) at a higher degree.
The index has now shifted upwards in wave (3), characterized by a 5-wave impulse pattern. Following wave (2), wave ((i)) terminated at 18927.5, with a retracement in wave ((ii)) finishing at 18547. Subsequently, wave ((iii)) reached a high at 19813.50, and wave ((iv)) pulled back to 19529. In the near future, it is anticipated that the index will continue to rise to complete wave ((v)), finalizing wave 1 at a higher degree. Following this, a corrective wave 2 is expected to occur, correcting the cycle from the low on 9.7.2024 in a 3, 7, 11 swing before resuming its upward trajectory.
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