The recent analysis of the Nasdaq Futures (NQ) market suggests that the rally from the low on 4.19.2024 is currently in progress, following an impulse pattern. This impulse pattern includes various waves within it, with wave ((i)) ending at 17949 and wave ((ii)) ending at 17386. The market then extended higher in wave ((iii)), with wave (i) ending at 18348 and wave (ii) ending at 18165. This positive momentum continued with wave (iii) ending at 18760, and subsequent waves (iv) and (v) ending at 18545 and 19023 respectively, completing wave ((iii)).
Wave Patterns and Corrections
The analysis further delved into the Elliott Wave structures that the market exhibited, with wave ((iv)) pullback demonstrating a zig zag pattern. This pullback included wave (a) ending at 18802, wave (b) ending at 18933, and the final leg wave (c) completing wave ((iv)) at a low of 18621. The market then rallied again in wave ((v)), specifically ending an impulse as wave (i) of ((v)) at a high of 18956.
Future Expectations and Possibilities
Looking ahead, the analysis predicts a correction in 3 or 7 swings in wave (ii) before a potential resumption to the upside in wave (iii) of ((v)). The short-term outlook suggests an upside movement in wave ((v)) towards the 19117-19270 area, with dips expected to remain above 18623.85. However, there is also a possibility of a double correction if the market breaks below 18623.85 low, potentially signifying a shift in the wave pattern.
The current Elliott Wave analysis of Nasdaq Futures indicates a positive trajectory with potential for further upside movement. Traders and investors should carefully monitor key support and resistance levels to navigate the market’s fluctuations effectively. By staying informed and adaptable to changing market conditions, individuals can position themselves strategically to capitalize on profitable opportunities within the Nasdaq Futures market.
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