Elliott Wave View: Nasdaq (NQ_F) Extending Higher as Impulse

Elliott Wave View in Nasdaq (NQ_F) suggests that the rally from October 3, 2019 low is unfolding as 5 waves impulsive Elliott Wave structure. On the chart below, we can see wave 3 of the impulse from October 3 low ended at 8379. The pullback in wave 4 ended at 8231 as a zigzag Elliott Wave structure. Wave ((a)) of 4 ended at 8291.50, wave ((b)) of 4 ended at 8348 and wave ((c)) of 4 ended at 8231. Wave 5 is currently in progress as an impulse.

Up from 8231 low, wave ((i)) of 5 ended at 8313.50 and wave ((ii)) of 5 pullback ended at 8233.25. The Index then resumes higher again in wave ((iii)) of 5. Near term, while pullback stays above 8231.4, expect Index to extend higher. We don’t like selling the Index.