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Elliott Wave View: Nasdaq Short Term Upside Target

Nasdaq (NQ_F) has broken above June 23 high suggesting that the next leg higher has started. Cycle from 6.24 high ended in wave IV as zig-zag Elliott Wave Structure. Wave ((A)) ended at 9885.50 low, wave ((B)) ended at 10120.50 high, and wave ((C)) ended at 9729.37 low. This 3 waves move ended wave IV in larger degree. From there, the index resumed higher in wave (1) as a 5 waves Elliott Wave structure. Wave 1 ended at 9939.25 high, wave 2 ended at 9872.50 low, wave 3 ended at 10022.75 high, wave 4 ended at 10000 and wave 5 ended at 10028.25 high.

The pullback in wave (2) then ended at 9940.25 low. Wave (3) is currently in progress. Up from wave (2) low at 9940.25, wave 1 ended at 10171.50 and wave 2 dips ended at 10076 low. Afterwards, the Index resumed higher in wave 3, which could end soon. Pullback in wave 4 should then follow before the rally resume again. As far as pivot at 9729.37 low stays intact, expect dips to continue finding support in 3, 7, or 11 swing. Potential short term target for Nasdaq is the 100% – 123.6% extension from June 15 low at 10663-10884 area.

Nasdaq 30 Minutes Elliott Wave Chart

Nasdaq Elliott Wave Video

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