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Elliott Wave View: Nasdaq Correction In Progress


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Rally in Nasdaq (NQ_F) from December 26, 2018 low remains in progress as animpulse Elliott Wave structure. An impulse structure consists of a 5 waves move.Wave ((4)) of this impulse move has ended at 6965.57. As the chart below shows, after forming wave ((4)) low, Nasdaq has rallied higher and broken above March 4 high at 7211.5, confirming that wave ((5)) has started. Up from 6965.57, the rally ended wave (1) at 7324.25 as an impulse. Internal of wave (1) subdivides into 5 waves where wave 1 ended at 7029.5, and wave 2 ended at 6983.5. Wave 3 ended at 7250.5 ,wave 4 ended at 7211, and wave 5 of (1) ended at 7324.25.

Near term, Index is correcting cycle from March 8 low within wave (2) before the rally resumes. Wave (2) pullback takes the form of a zigzag Elliott Wave structure where wave A of this zigzag ended at 7265.7. While the Index stays below 7324.25, it has scope to do 1 more leg lower to finish wave C of (2). As far as pivot at 6965.57 low stays intact, expect the Index to find buyers in 3, 7, or 11 swing for further upside. We dont like selling the Index.

1 Hour Nasdaq (NQ_F) Elliott Wave Chart

Nasdaq March 15



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Elliottwave-Forecast.com  (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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