NASDAQ Index Elliott Wave Technical Analysis

NASDAQ Index Elliott Wave Technical Analysis – Monday, October 14

Oct 14, 2024Jeremy ParkinsonFinance0

NASDAQ Elliott Wave Analysis Trading Lounge Day ChartNASDAQ Elliott Wave Technical Analysis

Function: Trend

Mode: Impulsive

Structure: Navy Blue Wave 3

Position: Gray Wave 3

Direction (Next Lower Degrees): Navy Blue Wave 4

Details: Navy Blue Wave 2 completed, Navy Blue Wave 3 in play

Wave Cancel Invalid Level: 18,295.9

Analysis OverviewThe NASDAQ Elliott Wave analysis on the daily chart suggests the market is in a bullish trend with an impulsive wave structure, currently unfolding as navy blue wave 3. The ongoing movement places the market in gray wave 3, indicating the trend is gaining momentum in this advanced stage of the impulsive phase.Wave Structure & PositionWith navy blue wave 2 completed, the market is now progressing through navy blue wave 3, a wave associated with strong and sustained upward movement. According to Elliott Wave theory, this phase often indicates a continuation of the bullish trend. Once navy blue wave 3 concludes, the next phase will be navy blue wave 4, which might introduce a temporary correction before the broader uptrend resumes.Key Details

The market has completed navy blue wave 2 and is firmly in navy blue wave 3, suggesting the upward momentum will continue.

Wave Cancel Invalid Level: If the market drops below 18,295.9, the current wave count will be invalidated, requiring a revised analysis of the market structure.

SummaryThe NASDAQ is in a strong upward trend, with navy blue wave 3 driving the current movement. Further gains are expected as long as the market remains above 18,295.9. Analysts should monitor for potential corrections as the market transitions into navy blue wave 4 in the near future. NASDAQ Elliott Wave Analysis Trading Lounge Weekly ChartNASDAQ Elliott Wave Technical Analysis

Function: Trend

Mode: Impulsive

Structure: Gray Wave 3

Position: Orange Wave 5

Direction (Next Lower Degrees): Gray Wave 4

Details: Gray Wave 2 completed, Gray Wave 3 in play

Wave Cancel Invalid Level: 18,295.9

Analysis OverviewThe NASDAQ Elliott Wave analysis on the weekly chart shows the market is in a strong upward trend, characterized by an impulsive wave structure currently unfolding within gray wave 3. The position within the wave cycle places the market in orange wave 5, indicating the trend is advancing toward the later stages of this impulse sequence.Wave Structure & PositionWith gray wave 2 completed, the market is now progressing through gray wave 3, typically associated with robust bullish momentum. This suggests that the upward trend is likely to continue. Once gray wave 3 concludes, the market is expected to enter gray wave 4, introducing a temporary corrective phase before the overall bullish trend resumes.Key Details

Gray wave 3 is still unfolding, signaling further upward movement in the NASDAQ in the near term.

After the completion of gray wave 3, gray wave 4 is expected to bring a corrective pullback before the market continues its broader upward trajectory.

Wave Cancel Invalid Level: If the market falls below 18,295.9, the current Elliott Wave count will be invalidated, requiring a new wave analysis.

SummaryThe NASDAQ is currently in a strong upward trend, with gray wave 3 driving the market higher. Traders should expect further gains while monitoring for a potential correction when the market transitions into gray wave 4. The bullish outlook remains valid as long as the market stays above 18,295.9. More By This Author:Trading Strategy Update: Holding Long Positions On Stocks & Indices With Bullish Bias
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