Elliott Wave view in Nasdaq Futures (NQ) suggests the pullback to 10665.49 ended wave ((4)). The Index has resumed higher in wave ((5)) and the rally from wave ((4)) is unfolding as a 5 waves impulse Elliott Wave structure. Up from wave ((4)) low at 10665.49, wave 1 ended at 11011.75 and pullback in wave 2 ended at 10806.75. Index resumed higher in wave 3 towards 11448.75 and wave 4 pullback ended at 11167. Final leg wave 5 higher ended at 11604.75. This move completed wave (1) of ((5)) in larger degree
Pullback in wave (2) has ended at 11197.50 as a zigzag structure. However, Index still needs to break above wave (1) at 11604.75 to avoid a double correction. Down from wave (1) at 11604,75, wave A of (2) ended at 11281, wave B of (2) ended at 11524.50, and wave C of (2) ended at 11197.50. Near term, as far as dips stay above wave (2) low at 11197.50, and more importantly above wave ((4)) at 10665.49, expect Index to extend higher. Potential target higher is 100% – 123.6% extension from September 24 low at 12141 – 12364 area.
Nasdaq Futures (NQ) 60 Minutes Elliott Wave Chart
