Elliott Wave View: Nasdaq Futures (NQ) May See Further Upside

29 oct

Short Term Elliott Wave View in Nasdaq Futures (NQ) suggests the rally from 10.1.2024 low is in progress as 5 waves. Up from 10.1.2024 low, wave ((i)) ended at 20680 as the 1 hour chart below shows. Dips in wave ((ii)) unfolded as a zigzag Elliott Wave structure. Down from wave ((i)), wave i ended at 20525 and wave ii ended at 20666.75. Wave iii lower ended at 20254 and wave iv rally ended at 20398.50. Final leg wave v ended at 20206.25 which completed wave (a). Wave (b) rally ended at 20602.25 and wave (c) lower ended at 20078.55. This completed wave ((ii)) in higher degree.

Index has resumed higher in wave ((iii)) with internal subdivision as an impulse. Up from wave ((ii)), wave i ended at 20428.5 and wave ii ended at 20261.75. Wave iii higher ended at 20707.25 and wave iv pullback is proposed complete at 20460. Near term, as far as pivot at 20078.55 low stays intact, expect dips to find support in 3, 7, or 11 swing for further upside. Potential target higher is 100% – 161.8% Fibonacci extension of wave ((i)). This comes at 20942.3 – 21473.1 area.