Nasdaq – Weekly Analysis

Nasdaq has added over 9% since our April 9 call, and it is time to reevaluate the outlook. 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 Nasdaq closed the weekly and 15-day frames with solid bullish signals. There is a good probability that the bottom is already behind and that the rally will flip the monthly signals long-term bullish. The only concern is the strong overbought condition across all smaller frames, from the hourly to the 2D. Such an overstretch will likely trigger a negative reaction, and the index may consolidate or pull back until conditions normalize. Overall, Nasdaq remains bullish until signaled otherwise. The risk of a pullback is meaningful, but the probability of a strong bullish monthly closure is…