NASDAQ Elliott Wave Technical Analysis [Video]

NASDAQ Elliott Wave Analysis Trading Lounge Daily Chart.

NASDAQ Elliott Wave Technical Analysis

• Function: Trend.

• Mode: Impulsive.

• Structure: Navy blue wave 3.

• Position: Gray wave 3.

• Direction (next lower degrees): Navy blue wave 4.

• Details: Navy Blue Wave 2 completed, Navy Blue Wave 3 in game.

• Wave cancellation invalid level: 18,295.9.

Analysis overview

The NASDAQ Elliott wave analysis on the daily chart suggests that the market is in an uptrend with an impulsive wave structure currently unfolding as a dark blue wave 3. The sustained move places the market in gray wave 3, suggesting that the trend is gaining momentum here in advanced stage of the momentum phase.

Wave structure and position

With Navy Blue Wave 2 completed, the market is now going through Navy Blue Wave 3, a wave associated with a strong and sustained upward move. According to Elliott Wave Theory, this phase often indicates a continuation of the uptrend. Once Navy Wave 3 completes, the next phase will be Navy Wave 4, which may initiate a temporary correction before the overall uptrend resumes.

Important details

• The market has completed Navy Blue Wave 2 and is firmly in Navy Blue Wave 3, suggesting that bullish momentum will continue.

• Invalid wave cancellation level: If the market falls below 18,295.9, the current wave count will be invalidated, requiring a revised analysis of the market structure.

Summary

The NASDAQ is in a strong uptrend with the navy blue wave 3 driving the current move. Further gains are expected as long as the market remains above 18,295.9. Analysts should pay attention to possible corrections as the market moves into dark blue wave 4 in the near term.

NASDAQ Elliott Wave Analysis Trading Lounge Weekly Chart

NASDAQ Elliott Wave Technical Analysis

• Function: Trend.

• Mode: Impulsive.

• Structure: Gray wave 3.

• Position: Orange wave 5.

• Direction (next lower degrees): Gray wave 4.

• Details: Gray Wave 2 completed, Gray Wave 3 in game

• Wave cancellation invalid level: 18,295.9.

Analysis overview

The NASDAQ Elliott Wave analysis on the weekly chart shows that the market is in a strong uptrend characterized by an impulsive wave structure that is currently unfolding within the gray wave 3. The position within the wave cycle places the market in the orange wave 5, indicating a trend progression to the later stages of this impulse sequence.

Wave structure and position

After Gray Wave 2 is completed, the market is now going through Gray Wave 3, which is typically associated with robust bullish momentum. This suggests that the uptrend is likely to continue. Once Gray Wave 3 ends, the market is expected to enter Gray Wave 4 and enter a temporary correction phase before the overall uptrend resumes.

Important details

• Gray wave 3 is still underway and signals further upward movement on the NASDAQ in the short term.

• Following the completion of Gray Wave 3, Gray Wave 4 is expected to bring a corrective pullback before the market resumes its broader uptrend.

• Wave Cancel Invalid Level: If the market falls below 18,295.9, the current Elliott Wave count will become invalid and require a new wave analysis.

Summary

The NASDAQ is currently in a strong uptrend with gray wave 3 driving the market higher. Traders should expect further gains while watching out for a possible correction as the market moves into gray wave 4. The bullish outlook remains valid as long as the market stays above 18,295.9.

Technical Analyst: Malik Awais.

NASDAQ Elliott Wave Technical Analysis [Video]