Nasdaq Intraday Elliott Wave view suggests that Intermediate wave (3) ended with the rally to 6429.5. Intermediate wave (4) pullback remains in progress to correct cycle from 8/21 low (5753.6) in 3, 7, or 11 swing before the rally resumes. Intermediate wave (4) is unfolding as a double three Elliott wave structure where Minor wave W ended at 6246 and Minor wave X ended at 6391.75. Minor wave Y of (4) is currently in progress towards 6096.24 – 6209.28 area. Afterwards, Index should resume the rally higher or bounce in 3 waves at minimum. We don’t like selling the proposed pullback and expect buyers to appear from the above area for at least a 3 waves bounce provided that pivot at 8/21 low (5753.6) stays intact.

NQ_F Nasdaq 1 Hour Elliott Wave Chart