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**NASDAQ Elliott Wave Update for April 17, 2024**
The NASDAQ index continues to present intriguing Elliott Wave patterns, offering traders and investors potential insights into the market’s current sentiment and future trajectory. Here’s a detailed update on the latest Elliott Wave analysis for NASDAQ:
**Current Pattern:**
NASDAQ appears to be nearing the end of a 5-wave pattern down within a C wave. Such patterns often signify the completion of a corrective wave, setting the stage for a potential reversal and upward movement.
**Key Levels to Watch:**
For a confirmed bottom and to set up a potential Wave 4 upward movement, the index needs to undergo a retracement to the 15,990 range. This level represents a .382 Fibonacci retracement of the previous downward Wave 3.
**Trading Strategy:**
Should the NASDAQ reach the 15,990 level and subsequently experience a 5th wave down, it would signal a completed 1-2-3-4-5 down sequence within the C wave. Such a formation would present a compelling buying opportunity for traders, anticipating a market reversal.
**Potential Downside:**
While the market shows signs of a potential bottoming process, there remains a possibility for NASDAQ to test lower levels before establishing a firm bottom. Traders should be prepared for NASDAQ to potentially test as low as 15,500-15,600.
**Conclusion:**
The NASDAQ Elliott Wave update for April 17 highlights a critical juncture for the index. Traders and investors should closely monitor the 15,990 level, as a successful retracement to this point followed by a 5th wave down could present an attractive entry point for those anticipating a bullish reversal. As always, it’s crucial to employ proper risk management strategies and consider multiple indicators alongside Elliott Wave analysis to make informed trading decisions.
