Nasdaq – Weekly Analysis

This week, Nasdaq has rallied as if tomorrow were optional. Let’s reassess our previous call and evaluate whether any adjustment is needed. As always, we examine candlestick behavior, trend structure, momentum dynamics, and the Elliott Wave framework to assess how the index is evolving and to identify the key levels that will confirm or invalidate the current outlook. CANDLES After confirming a bottom on the weekly frame last week, Nasdaq rallied. However, the rally was somewhat reckless—too fast and too far. While the weekly formed an 8/20 EMA bullish cross, the price moved above the Bollinger Bands, which introduces risk. At the same time, the daily and all lower frames have been grossly overbought for a prolonged period (possibly one of the longest on record), and a pullback is due. The main question is the size and character of that pullback. It may have already started across major indices on…