Nasdaq Elliott Wave Analysis

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 Nasdaq daily chart


Analysis

As seen in the above chart, the index continues to move in a negative direction by forming lower highs and lower lows and it is moving precisely in a falling channel. Within this falling big red channel, Nasdaq is moving in a small negative channel where it has shown a reversal from the resistance of it.

The benchmark continues to disappoint along with other global indices as it continues to plunge from its all time high last year. With hike in interest rates at peak and inflation still out of control, global equities will face the wrath of FED which is due in November first week.

From Waves perspective, I have opened two scenarios

Scenario 1 – As it can be seen prices are moving in double correction (a-b-c-x-a-b-c) where it has completed wave x and then wave a on the downside which is a zigzag pattern and wave of this pattern on the downside is pending which can go till 9740 levels, 61.8% from wave a to wave b.

Scenario 2- Here where wave c is down I can mark wave a on one higher degree followed by wave b where wave x has ended and wave c lower. Remember in the early stages of Zigzag pattern it is difficult to know where it is an impulse or a ZZ.

The summation is Nasdaq Composite Index can plummet till 9740 levels over short term.


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