Nasdaq Short Term Elliott Wave view suggests that the decline to 6232.3 ended Intermediate wave (4). Up from there, Nasdaq has resumed the rally higher as a double three Elliott Wave structure. The first leg Intermediate wave W unfolded also as a double three Elliott Wave structure where Minute wave ((w)) ended at 6427.75, Minute wave ((x)) ended at 6383, and Minute wave ((y)) of W ended at 6545.75.
Minor wave X pullback is proposed complete at 6432.25 in the green box. Internal structure of Minor wave X unfolded as a double three Elliott Wave structure where Minute wave ((w)) ended at 6463.25, Minute wave ((x)) ended at 6520.75, and Minute wave ((y)) of X ended at 6432.25. Near term, while dips stay above 6432.25, but more importantly as far as pivot at 12/5 low (6232.3) stays intact, expect Index to extend higher. We don’t like selling the Index. Unless already long with a risk free trade from 100% equal leg of Minute wave ((w))-((x)) at 6436 in the green box area, we prefer to wait for the Index to break above Minor wave W at 6545.75 before buying the dips again. At this stage, until the Index breaks above Minor wave W at 6545.75, a double correction in Minor wave X still can’t be ruled out.
Nasdaq 1 Hour Elliott Wave Chart
