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Nasdaq Intra-Day Elliott Wave Analysis

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Nasdaq Intraday Elliott Wave view suggests that rally to 6429.5 ended Intermediate wave (3). Intermediate wave (4) pullback is currently in progress to correct cycle from 8/21 low (5753.6) in 3, 7, or 11 swing before the rally resumes. Subdivision of Intermediate wave (4) is unfoldingasadouble threeElliott wave structurewhereMinor wave W ended at6246 and Minor waveX ended at 6391.75.Minor wave Y of (4) is still missing the 100% area at 6096.24 6209.28, thus another leg lower still cant be ruled out. Index should then resume the rally higher or bounce in 3 waves at least.

We dont like selling the proposed pullback and expect buyers to appear from the above area for at least a 3 waves bounce provided that pivot at 8/21 low (5753.6) stays intact. Alternatively, cycle from 11/29 peak has ended at 6231.75 low and in this case the Index is already in the process of correcting the decline from 11/29 in a larger 3 waves at least.

NQ_F Nasdaq 1 Hour Elliott Wave Chart

Nasdaq Dec 7

ew cycle

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About the author  (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to thousands of clients.

ElliottWave-Forecast has built a reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, cycles, proprietary pivot system, we provide precise forecasts with up-to-date analysis for 42 instruments including FX majors, Gold, Silver, Copper, Oil, TNX and major Equity Indices. Our clients also have immediate access to our proprietary actionable trade setups, market overview, 1 Hour, 4 Hour, Daily & weekly wave counts. Weekend webinar, Live Screen Sharing Sessions, Daily Technical Videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

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