I have changed the wave count to allign with the recent price action. The overall bullish scenerio remains the same.I have shifted the position of “Z” as the current price action is pointing towards a developing impulse wave WITH A CUP AND HANDLE FORMATION pointing towards a possible formation of wave 1 and 2 (shown in red)
The confirmation will be a quick rise from present price on Monday OR Tuesday.
The Formation of Waves 1 and 2: The cup and handle pattern is typically formed by two main components – the cup and the handle. Within Elliott wave theory, the cup may be interpreted as a Wave 1 or a Wave A, and the handle may be interpreted as a Wave 2 or a Wave B. If the cup and handle pattern follows a clear and strong Wave 1, and the handle is a relatively shallow and corrective Wave 2, (Which in our case is showing at present) then this may suggest that Wave 3 is developing. However best is to wait and watch the monday/tuesday price action before taking a definitive call.
NASDAQ Opening On 1st May 2023