Short term Elliott Wave view in Nasdaq suggests the decline to 11068.5 ended wave (3). Wave (4) corrective rally ended at 12261.78 with internal subdivision as a zigzag Elliott Wave structure. Up from wave (3), wave A ended at 11678.25 and pullback in wave B ended at 11320.50. Final leg higher wave C ended at 12261.78 which also completed wave (4). The Index has turned lower in wave (5), but it still needs to break below wave (3) at 11068.5 to rule out a double correction.
Internal subdivision of wave (5) is unfolding as a 5 waves impulse structure. Down from wave (4), wave ((i)) ended at 11971 and wave ((ii)) rally ended at 12174.25. Index then resumes lower in wave ((iii)) towards 11564.50 and wave ((iv)) rally ended at 11749. Final leg lower wave ((v)) ended at 11351 and this completed wave 1. Wave 2 rally is now in progress to correct cycle from 6/26/2022 high before it resumes lower. Up from wave 1, wave ((a)) ended at 11749 and pullback in wave ((b)) ended at 11389.25. Expect wave ((c)) of 2 to end soon and Index to turn lower. Near term, as far as pivot at 12261.78 stays intact, expect rally to fail in 3, 7, 11 swing for further downside.
Nasdaq 60 Minutes Elliott Wave Chart
