Nasdaq Elliott Wave technical analysis
Function: Bullish Trend.
Mode: Impulsive.
Structure: Navy Blue Wave 3.
Position: Gray Wave 3.
Direction of next lower degrees: Navy Blue Wave 4.
Details
The NASDAQ daily chart presents an Elliott Wave analysis indicating a bullish trend.
The current wave structure is identified as navy blue wave 3, part of a broader impulsive sequence, with gray wave 3 actively progressing. This indicates sustained upward momentum in the market.
The analysis suggests that navy blue wave 2 has likely completed, allowing the market to advance into navy blue wave 3. According to Elliott Wave Theory, impulsive waves drive significant market trends. The ongoing navy blue wave 3 highlights a robust bullish phase, with further potential for price gains.
Key technical level
- Wave Cancellation/Invalidation Level: 20,332.6.
If the market moves below this level, the current wave structure will need reassessment, indicating a potential deviation from the anticipated bullish outlook.
This Elliott Wave analysis provides traders with a clear understanding of the NASDAQ’s bullish trajectory. By focusing on critical levels and upward trends, the analysis supports insights into the ongoing momentum as the impulsive wave unfolds. The active navy blue wave 3 offers optimism for continued market strength.
Nasdaq Elliott Wave technical analysis
Function: Bullish Trend.
Mode: Impulsive.
Structure: Gray Wave 3.
Position: Orange Wave 5.
Direction of next lower degrees: Gray Wave 4.
Details
- The NASDAQ weekly chart presents an Elliott Wave analysis indicating a bullish trend.
- The current wave structure is identified as gray wave 3, part of an impulsive sequence, with orange wave 5 actively advancing. This underscores sustained upward momentum in the market.
The analysis suggests that gray wave 2 has likely concluded, setting the stage for the progression of gray wave 3. In alignment with Elliott Wave Theory, impulsive waves signify strong directional moves, and the ongoing development of gray wave 3 indicates a robust bullish phase with potential for further market gains.
Key technical level
- Wave Cancellation/Invalidation Level: 20,332.6
If the market moves below this level, the current wave structure must be reevaluated, potentially indicating a deviation from the expected bullish outlook.
This Elliott Wave analysis provides traders with a comprehensive perspective on the NASDAQ’s bullish momentum. By focusing on critical levels and upward trends, the analysis offers valuable insights into the continuation of market strength as the impulsive wave structure evolves. The active gray wave 3 suggests optimism for sustained market advances.
Nasdaq Index Elliott Wave technical analysis [Video]
Source: https://www.fxstreet.com/news/nasdaq-index-elliott-wave-technical-analysis-video-202412091008