Nasdaq has been trading bullish since 2008. So far it has made three waves up within ongoing impulse with blue wave 3 still unfolding. On the Daily chart we are tracking an ending diagonal in red wave v-circled that can cause a top for wave three this year. However another high can still occur because on a daily chart we see a triangle in black wave (iv) of an ending diagonal.

Triangles consist of five sub-waves a,b,c,d and e. Each of them have 3 more subwaves. After the correction in black wave (iv) is completed, the price could move into higher levels in black wave (v), thus completing red wave v-circled ideally around 4650.

NASDAQ Weekly Elliott Wave Analysis

NASDAQ Daily Elliott Wave Analysis

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