Nasdaq Elliott Wave Analysis

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 Nasdaq 2 hour chart

Analysis

As seen in the above chart, prices are moving in a sideways to positive trend. However, the benchmark has arrived near to the resistance of the red horizontal trend line, giving an indication that prices will resist in the zone of 12280-12400 levels.

Prices are also forming rising wedge pattern which is a pattern of distribution and can move sideways to positive for some time. Eventually, prices will then crack and can move down towards the support lower horizontal red trend line.

From Waves perspective, the benchmark is moving in a corrective wave (a-b-c) where it completed wave a and wave b and currently it is moving higher in the form of wave c where it has completed wave iii of wave c and can falter towards 12100-12000 price range in the form of wave iv of wave c.

The summation is Nasdaq can tumble towards 12100-12000 levels in near term and then can move higher till 12400 levels. The benchmark will then crack and move down till 11000 levels over medium term.




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