Elliott Wave View: Nasdaq Correction In Progress

Rally in Nasdaq (NQ_F) from December 26, 2018 low remains in progress as an impulse Elliott Wave structure. An impulse structure consists of a 5 waves move. Wave ((4)) of this impulse move has ended at 6965.57. As the chart shows, after forming wave ((4)) low, Nasdaq has rallied higher and broken above March 4 high at 7211.5, confirming that wave ((5)) has started. Up from 6965.57, the rally ended wave (1) at 7379.50 as an impulse. Internal of wave (1) subdivides into 5 waves where wave 1 ended at 7029.5, and wave 2 ended at 6983.5. Wave 3 ended at 7325.25 ,wave 4 ended at 7262.75, and wave 5 of (1) ended at 7379.50.

Near term, Index is correcting cycle from March 8 low within wave (2) before the rally resumes. As far as pivot at 6965.57 low stays intact, expect the Index to find buyers in 3, 7, or 11 swing for further upside. We don’t like selling the Index.