Elliott Wave Technical Analysis: Nasdaq Futures Favoring Upside
Tuesday, 15 October 2024, 22:09
Elliott Wave Insights on Nasdaq Futures
The Short Term Elliott Wave View in Nasdaq (NQ) suggests that the Index has formed a 5 swing sequence since the low on August 5, 2024. This five-swing structure is classified as a motive sequence, which typically suggests a clear pathway for further upside potential.
Analyzing the Five Swing Sequence
- First Swing: Initial upward momentum
- Second Swing: A minor corrective phase
- Third Swing: Strong bullish drive
- Fourth Swing: Temporary pullback
- Fifth Swing: Anticipated continuation upwards
The analysis suggests that market participants should remain vigilant, as this Elliott Wave formation could lead to significant market gains.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.