Hello everyone. In today’s article, we will look at the past performance of the 1H Hour Elliott Wave chart of Invesco Nasdaq ETF ($QQQ). The rally from 1.17.2024 low at $402.87 unfolded as 5 waves impulse. So, we expected the pullback to unfold in 3 swings and find buyers again. We will explain the structure & forecast below:
Zigzag (ABC) Corrective Structure
$QQQ 1H Elliott Wave Chart 1.31.2024:
Here is the 1H Elliott Wave count from 1.31.2024. We expected the pullback to find buyers at the blue box area at 421.25 – 416.56 in a 3 swing structure (ABC).
$QQQ 1H Elliott Wave Chart 2.04.2024:
Here is the 1H update few days later from 2.04.2024 showing the bounce taking place as expected. The ETF reacted higher from the blue box after doing a Zigzag correction allowing longs to get a risk free position. The ETF has made a marginal new high and is expected to remain supported towards $438 – 446 before another pullback can happen.
