Nasdaq – Weekly Analysis

Nasdaq just delivered its strongest monthly rally since 2020, adding more than 15% and validating the April 9 bullish call in dramatic fashion. Now comes the harder question: was April the start of a much larger advance, or did the index just spend a major part of its short-term fuel? In this monthly analysis, we examine Nasdaq through candles, trend structure, momentum, and Elliott Waves to determine whether the rally has room to extend, or whether the next move is a pause, pullback, or a deeper reset before the next major decision. CANDLES Nasdaq continued its rally, broadly dismissing all potential bearish reversal signals. At this point, there is still no confirmed bearish signal. However, the rally has been extremely strong and has pushed numerous frames into grossly overbought conditions. Historically, similar combinations have triggered strong pullbacks, or even reversals, as the market works to normalize the technicals. Overall, Nasdaq…