Good afternoon team,
We have been tracking the NASDAQ for a buying opportunity over the past week or so, and it appears as though the index is beginning to move higher from support.
NASDAQ – 1 Hour Chart
This count fits quite nicely, with the key take away that wave 4 and 1 do not overlap which is an Elliott wave rule. If this count is correct we could be setting up for another record high on the NASDAQ before a larger correction.
Trade Setup: BUY STOP, entry price 13,570 (Focus Markets), stop loss 13,400 and take profit target 14,200.
Stop loss: 170 pips
Take profit: 650 pips
Price of the NASDAQ could vary depending on the provider. NASDAQ MT5/4 code: NDX100