IONQ Favors Further Weakness In Zigzag Correction

IONQ Inc., (IONQ) engages in the development of general-purpose quantum computing systems in the US. It sells the access to quantum computers of various qubit capacities. The company makes access to its quantum computers through cloud platforms, such as Amazon web services, Amazon Braket, Microsoft’s Azure Quantum & Google’s cloud marketplace. It is based in Maryland, comes under Technology sector & trades as “IONQ” ticker.

As showing from previous article, IONQ favors pullback in II lower as zigzag correction. It expects ((C)) to extend lower, while bounce fail below ((B)) high of $16.60 as it broke below ((A)) low of $12.96.

IONQ – Elliott Wave Daily View From 9.26.2023: 

In daily, it finished ((1)) of I at $6.00 high & retraced in ((2)) at $4.38 low as 0.5 Fibonacci retracement. Above there, it extended higher as third wave extension as ((3)), which ended at $20.14 high. Within ((3)), it placed (1) at $7.35 high, (2) at $5.29 low, (3) at $16.30 high, (4) at 14.15 low & (5) at $20.14 high. It was corrected in ((4)) in zigzag sequence at $12.19 low. Finally, it ended ((5)) at $21.60 high as wave I.

IONQ – Elliott Wave Latest Daily View: 

Below $21.60 high of I, it ended ((A)) at $12.96 low as sharp move down in II as shown from previous article. It bounced off in ((B)) in double correction, which ended at $16.60 high. Below there, it broke below ((A)) low, confirming ((C)) in progress. Currently, it favors lower in (1) of ((C)) & expect two minor lows to finish it before it can bounce in (2). It expects any bounce in (2) to fail below ((B)) high to extend lower as the part of ((C)) towards $7.92 – $5.87 area & ideally hold the low of $3.04 to finish II before turning higher. Alternatively, if it breaks above $16.60 high, it can do flat correction in ((B)), which should fail below I high to turn lower in ((C)) of II.