Elliott Waveview for Nasdaq suggests thatthe Index has ended the correction to the cycle from 12/5 low at 6383.25 and from there it it has started the next leg higher. Up from Intermediate wave (4) low on 12/5, the rallyunfoldedasa double threeElliott Wave structurewhere Minor wave W ended at 6545.75 and Minor wave X is proposed complete at 6383.25. However, for this view to gain validity, the Index needs to break above Minor wave W at 6545.75.
Internal of Minor wave W unfolded as a double three Elliott Wave structure where Minute wave ((w)) ended at 6427.75, Minute wave ((x)) ended at 6383, and Minute wave ((y)) of W ended at 6545.75. The Index then pullback inMinor wave X which unfolded as aa triple three Elliott Wave structurewhere Minute wave ((w)) ended at 6463.25,Minute wave ((x)) ended at 6520.75, Minute wave ((y)) ended at 6432.25, and second Minute wave ((x)) of X ended at 6383.25.
Short term, rally from 12/30 low (6383.25)( looks impulsive and could see more upside to end 5 waves up in Minutte wave (a). Afterwards, the Index should pullback in Minutte wave (b) in 3, 7, or 11 swing to correct cycle from 12/30 low (6383.25) before turning higher again. We don't like selling the Index and while dips stay above 6383.25, and more importantly above 6232.30, expect Index to extend higher.