In this technical blog, we will look at the past performance of the NASDAQ (NQ_F) 4-hour Elliott Wave charts. We presented the Elliott Wave forecast to the members. In this, the rally from the October 13, 2022 low unfolded as an impulse structure and showed a green tag on the right side. This indicates that the index should undergo further upward extension to complete the impulse sequence. Therefore, we advised the members not to sell the index and buy the dips in 3, 7 or 11 swings in the blue box areas. We will explain the structure and forecast below:
NASDAQ (NQ_F) 4-hour Elliott Wave chart as of 04/08/2024
Here is the 4-hour Elliott Wave chart from the weekend update of 04/08/2024. In it, the short-term cycle from the 06/01/2023 low in wave ((3))) ended as an impulse at the high of $20988. From there, the index made a pullback in wave ((4)) to correct this cycle. The internal workings of this pullback unfolded as an Elliott Wave Double-Three structure, with wave (W) ending at the low of $18725. The bounce of wave (X) ended at the high of $19717 and wave (Y) managed to reach the blue box area at $17465 – $16942. From there, buyers were expected to emerge looking for the next leg up or a 3-wave bounce minimum.
NASDAQ (NQ_F) Latest 4-hour Elliott Wave Chart as of 11/8/2024
This is the latest 4-hour Elliott Wave chart from the weekend update on 11/8/2024. In it, the index shows a reaction to the upside that takes place immediately after the end of the double correction in the blue box area. Allowed members to take a risk-free position shortly after taking the long position in the blue box area. However, a break above the high of $20,988 is still needed to confirm the next extension to the upside and avoid a double correction to the downside.
Source: https://elliottwave-forecast.com/stock-market/nasdaq-nq_f-nice-reaction-higher/
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