The NASDAQ appears to be following Elliott Wave Theory, where it's currently situated in what's projected to be Wave 5 of Primary Degree. Within this wave, it's believed to be in Wave 3, which typically signifies a strong upward movement in prices we are seeing now.
This suggests that we may see a bit more upward momentum in the NASDAQ before a correction phase...
NASDAQ:NDX may try to create #wpattern or double bottom on daily / hourly time frames at important support zone of daily time frame, if it breaks below the support level, we can achieve the expected downside targets soon.
