Elliott Wave Analysis: Nasdaq Has Resumed Higher
Elliott Wave Forecast | Jan 04, 2018 12:02AM ET
Elliott Wave view for Nasdaq suggests that the rally from Intermediate wave (4) on 12/5 unfolded as a triple three Elliott Wave structure where Minute wave ((w)) ended at 6463.25, Minute wave ((x)) ended at 6520.75, Minute wave ((y)) ended at 6432.25, and second Minute wave ((x)) of X ended at 6383.25. Near term, rally from 12/30 low (6383.25) looks impulsive and could see more upside to end 5 waves up in Minute wave ((a)). Afterwards, the Index should pullback in Minute wave ((b)) in 3, 7, or 11 swing to correct cycle from 12/30 low (6383.25) before the rally resumes. We don’t like selling the Index and while dips stay above 6383.25, and more importantly above 6232.30, expect Index to extend higher.
Nasdaq 1 Hour Elliott Wave Chart
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