Elliott Wave View: Nasdaq (NQ) Looking to Correct 5 Waves Rally

Short term Elliott Wave View in Nasdaq (NQ) suggests the Index ended wave 2 on November 10 at 11505.33. The Index has since turned higher in wave 3. The internal of wave 3 is unfolding as a 5 waves impulse. Up from wave 2 low at 11505.33, wave (i) ended at 12065, and wave (ii) pullback ended at 11804.5. Index resumes higher in wave (iii) towards 12337.25 and wave (iv) pullback ended at 12286.25. Final leg higher wave (v) is expected to end soon and this should also complete wave ((i)) of 3 in higher degree.

Expect the Index to soon pullback in wave ((ii)) to correct cycle from November 10 low before the rally resumes. As far as pivot at 11505.33 stays intact, expect dips to find support in the sequence of 3, 7, or 11 swing for further upside. If pivot at 11505.33 gives up, then there’s a possibility that the Index ends cycle from September 21 low as a diagonal. In this case, Index can do a larger pullback in 3, 7, or 11 swing to correct the rally from September 21 low before the rally resumes.