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**NASDAQ Elliott Wave Update – April 24, 2024**
The NASDAQ Composite Index exhibited significant strength today, potentially marking a significant turning point in the recent market downturn. With the futures pointing upwards, there’s renewed optimism among traders and investors alike.
**Key Highlights:**
– **Follow-Through Momentum:** The NASDAQ continued its upward trajectory today, building on the positive momentum from the previous session.
– **Futures Indication:** With the futures up by 130 points, there’s a strong possibility of the NASDAQ surpassing the critical resistance level of 15,950.
– **1.00 Fibonacci Retracement:** The 15,950 level represents a 1.00 Fibonacci retracement of the entire downward sequence encompassing waves 3-4-5. Breaking through this level would not only confirm the reversal but also signal a potential bottom.
– **Upward Wave 3 Potential:** If the NASDAQ can maintain its current momentum, an upward Wave 3 from the 15,222 low could target the 15,950 level as early as tomorrow. This suggests that the NASDAQ might be re-entering a long-term bullish uptrend.
– **Timely Prediction:** With the recent market developments, it’s worth noting the accuracy of the forecast made, indicating a potential bottom within two days of its occurrence. Such timely and accurate predictions are a testament to my expertise and experience.
**Market Implications:**
The NASDAQ’s performance over the coming days will be crucial for confirming the market’s new direction. A successful breach and sustainment above the 15,950 level could usher in a renewed bullish phase, potentially leading to further gains.
**Conclusion:**
The NASDAQ’s recent performance, coupled with the positive futures indication, paints a promising picture for the tech-heavy index. While market dynamics can change rapidly, the current momentum suggests a potential bullish resurgence.
Traders and investors should continue to monitor key resistance and support levels, alongside broader market trends, to make informed decisions. With the market showing signs of stabilization, it’s essential to remain vigilant and adaptable to navigate the evolving market landscape effectively.
