Nasdaq and Elliott Wave Analysis

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 Nasdaq daily chart


Analysis

As shown in the above chart, Nasdaq continues to slump in a lower highs and lower lows fashion. However, prices have shown resilience and has started moving higher which can move towards its immediate resistance which is the falling trend line.

Daily RSI has vacuum to move higher to enter back in the overbought terrain. Currently it is above the center line which is positive sign.

From Waves perspective, the index has completed wave a and has opened wave b after forming wave x higher, this clearly means that the benchmark is moving in a double correction (a-b-c-x-a-b-c). Currently it is on its way higher for wave b.

The summation is Nasdaq can move higher to test the level of 11600 over short term with support placed at 10900 (closing basis).


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