Hello Traders, in this blog we will see how we were able to forecast in advance the wave ((iii)) higher in NQ_F. Nasdaq has been one of the weakest Indices within 2022 and has been seeing a relief bounce rally as of recent. We will see below how here at Elliott Wave Forecast were able to forecast in advance the upcoming wave ((iii)) of C in NQ_F.
Let have a look on how we saw Nasdaq during 01.16.23. It had ended B leg at 10754.28 and since then has been showing 5 waves off these lows. Thus confirming C leg in progress. In the 1 hour cycle it is within wave i of (v) of ((i)).
NQ_F 01.16.23 1 hour London Update chart
Now let’s check out our latest chart from 01.27.23. As seen it is within wave iii of (iii) of ((iii)). As we can see Nasdaq completed the pullback in wave ((ii)) and accelerated higher in wave ((iii)). With wave (i) and (ii) completed now it is trading within iii of (iii) of ((iii)). Near term, after it ends (iii) and pullback in (iv) it is expected higher in (v) of ((iii)).
NQ_F 01.27.2023 1 hour Midday Update