Hello fellow traders. As our members know , NASDAQ has recently given us good buying opportunities. In this technical article we’re going to present another we have had recently. NQ_F made pull back that has unfolded as Elliott Wave Double Three pattern. It made clear 3 waves down from the February 23rd peak and completed correction right at the Equal Legs zone ( Blue Box Area) . In further text we’re going to explain the Elliott Wave pattern and trading setup.
NASDAQ Elliott Wave 1 Hour Chart 02.28.2024
NASDAQ shows lower low sequences from the peak, suggesting intrady pull back is still in progress. Correction has wxy red labeling. The price structure is incomplete at the moment, calling for a more downside toward 17836.5-17698.6 area. We don’t recommend selling NASDAQ and prefer the long side from the marked Blue Box ( buying zone). Once NQ_F reaches our buying area, we expect it to find buyers and make either rally toward new highs or in 3 waves bounce alternatively. Invalidation of the trade would be break below 1.618 fib ext: 17698.6
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Red bearish stamp+ blue box = Selling Setup
Green bullish stamp+ blue box = Buying Setup
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NASDAQ Elliott Wave 1 Hour Chart 02.28.2024
NQ_F reached our buying zone at : 17836.5-17698.6 and found buyers as expected. NASDAQ is giving us very good reaction from the Blue Box Area. We call pull back (ii) blue completed at the 17828 low. Consequently, any long positions should be risk free by now. We would like to see break of (i) blue peak (February 23rd) to confirm next leg up is in progress.
Keep in mind that market is dynamic and presented view could have changed in the mean time. You can check most recent charts with target levels in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the
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Source:-forecast.com/trading/nasdaq-nq_f-another-trading-setups/
