Nasdaq: Elliott Wave Analysis

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 Nasdaq 2 hour chart

Analysis

As seen from the above chart, prices were moving in a lower highs and lower lows and was moving in  a falling dotted channel, once this was taken out (bullish breakout), the index made an attempt to re-test the falling channel which was earlier acting as a support.

At present, the index is on the verge to cross its previous high which will change the trend from negative to positive and will move in a rising channel formation as showcased in the above chart (red).

Elliott Wave suggests, Nasdaq has opened wave c higher, in which it has completed wave i and wave ii and now wave iii is ongoing which can move till 12600-12660 levels (minimum) and (maximum) it can go till 161.8% which isp placed at 13100 levels.

The summation is Nasdaq can move till 12600-12660 levels, a sustainable move above this level will open further positive possibilities towards 13000-13100 levels.


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