Elliott Wave View: Nasdaq Correction In Progress

Nasdaq Index (NQ_F) ended the cycle from February 20, 2020 high at 6628.75 as wave (a). Internal of wave (a) unfolded as a 5 waves impulse Elliott Wave structure. Down from February 20 high, wave I ended at 8126.25 and bounce in wave II ended at 9002.50. Index then resumed lower in wave III towards 6810 and wave IV bounce ended at 7629. The last leg wave V of (a) ended at 6628.75.

Wave (b) is currently in progress and it is unfolding as a zigzag Elliott Wave structure. Up from 6628.75, wave a ended at 7761 as 5 waves impulse. Wave ((1)) of a ended at 7316.25 and wave ((2)) of a ended at 6760. Wave ((3)) of a ended at 7757.75, wave ((4)) of a ended at 7371.50, and wave ((5)) of a ended at 7761. Pullback in wave b ended at 7295.24. The Index has resumed higher in wave c which should unfold in 5 waves.

Up from 7295.24, wave ((1)) is proposed complete at 7893.25. Expect wave ((2)) pullback to hold above 7295.24 for more upside. Dips should find support in 3, 7, or 11 swing against 7295.24 low for further upside.