Elliott Wave View: All-Time High in Nasdaq Opens Extension Highe

Short-term Elliott wave view in Nasdaq (NQ) suggests that the cycle from 19 Jul 2021 low is unfolding in an Elliott Wave Impulse. The structure remains incomplete favoring more upside extension. Up from that low, the pair has ended the first leg in wave ((i)) at 15174 high. Then wave ((ii)) pullback ended as a zigzag structure at 14710 low and the index rally higher again.

Up from wave ((ii))), wave ((iii)) remains in progress in a lesser degree 5 waves structure. Wave (i) of ((iii)) finished at 14999. Then wave (ii) of ((iii)) pullback ended at 14851 low. Wave i of (iii) rally finished at 15155. Wave ii of (iii) did a shallow pullback and ended at 15115. Near-term, as far as bounces remain above wave ii of (iii), we are looking to complete wave iii of (iii) soon. Index should then pullback in wave (iv) before last push higher to end wave (v). This should also complete wave ((iii)) in higher degree and end cycle from August 19 low. Potential target for wave ((iii)) higher is 100% – 161.8% Fibonacci extension from July 19 low towards 15444 – 15895.