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Elliott Wave View: Nasdaq Correction In Progress

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Nasdaq Index (NQ_F) ended the cycle from February 20, 2020 high at 6628.75 as wave (a). Internal of wave (a) unfolded as a 5 waves impulse Elliott Wave structure. Down from February 20 high, wave I ended at 8126.25 and bounce in wave II ended at 9002.50. Index then resumed lower in wave III towards 6810 and wave IV bounce ended at 7629. The last leg wave V of (a) ended at 6628.75.

Wave (b) is currently in progress and it is unfolding as azigzag Elliott Wave structure. Up from 6628.75, wave a ended at 7761 as 5 waves impulse. Wave ((1)) of a ended at 7316.25 and wave ((2)) of a ended at 6760. Wave ((3)) of a ended at 7757.75, wave ((4)) of a ended at 7371.50, and wave ((5)) of a ended at 7761. Pullback in wave b ended at 7295.24. The Index has resumed higher in wave c which should unfold in 5 waves.

Up from 7295.24, wave ((1)) is proposed complete at 7893.25. Expect wave ((2)) pullback to hold above 7295.24 for more upside. Dips should find support in 3, 7, or 11 swing against 7295.24 low for further upside.

Nasdaq (NQ_F) 1 Hour Elliott Wave Chart

Nasdaq 27 March

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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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