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Elliott Wave View Calling For More Upside In Nasdaq

Nasdaq Futures (NQ_F) shows a higher high sequence from June 4 low, favoring further upside. Short term, rally to 7600.75 ended wave (1) and pullback to 7421.48 ended wave (2). Wave (3) rally is in progress as an impulse Elliott Wave structure. Up from 7421.48, wave ((I)) ended at 7536 and wave ((II)) pullback ended at 7477.75. Wave ((III)) is expected to end soon and the internal also subdivides as an internal of lesser degree.

Wave (I) of ((III)) ended at 7541.5, wave (II) of ((III)) ended at 7509.25, wave (III) of ((III)) ended at 7721.75, and wave (iv) of ((III)) ended at 7630. Expect wave (V) of ((III)) to end soon, then Index should pullback in wave ((iv)) before another leg higher in wave ((V)). The 5 waves move higher from June 13 low (7421.48) should end wave 1, then Index should correct cycle from June 13 low within wave 2 before the rally resumes. We don't like selling the Index and expect the Index to continue finding support and extending higher as far as pivot at 7421.48 low stays intact. A break above April 25 peak (7879.5), if it happens, will bolster the bullish view in the Indices.

Nasdaq Futures (NQ_F) 1 Hour Elliott Wave Chart

Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.