In this technical blog, we will look at the past performance of the 4-hour Elliott Wave Charts of NASDAQ (NQ_F). We presented to members at the elliottwave-forecast. In which, the rally from the 13 October 2022 low unfolded as an impulse structure and showed a green right side tag. Suggested that the index should see more upside extension to complete the impulse sequence. Therefore, we advised members not to sell the index & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:
NASDAQ (NQ_F) 4-Hour Elliott Wave Chart From 8.04.2024
Here’s the 4-hour Elliott wave chart from the 8.04.2024 Weekend update. In which, the short-term cycle from the 1.06.2023 low ended in wave ((3))) as impulse at $20988 high. Down from there, the index made a pullback in wave ((4)) to correct that cycle. The internals of that pullback unfolded as Elliott wave double three structure where wave (W) ended at $18725 low. Wave (X) bounce ended at $19717 high and wave (Y) managed to reach the blue box area at $17465- $16942. From there, buyers were expected to appear looking for the next leg higher or for a 3 wave bounce minimum.
NASDAQ (NQ_F) Latest 4-Hour Elliott Wave Chart From 8.11.2024
This is the latest 4-hour Elliott wave Chart from the 8.11.2024 Weekend update. In which the index is showing a reaction higher taking place, right after ending the double correction within the blue box area. Allowed members to create a risk-free position shortly after taking the long position at the blue box area. However, a break above $20988 high is still needed to confirm the next extension higher & avoid double correction lower.
Source: https://elliottwave-forecast.com/stock-market/nasdaq-nq_f-nice-reaction-higher/