Considering recent price action, we must consider the POSSIBLE completion of correction at the last low.
HOWEVER please see my last article dated 18th march 2023 “Character of 4th and 5th wave in Elliot wave analysis”
It is wise to TRADE keeping in mind “very frequent analysis of short-term charts”
The commencement of the fresh bullish wave did not have a precise wave count. However, there IS a bunching of waves which indicate a POSSIBLE ONGOING WAVE 1 ” This will be clear in the following chart
Above I have given an overlapping triangle going up. In classical wave theory, it is not common to have overlapping triangles as wave 1 as they tend to form a corrective pattern. However I have found increasing evidence to the contrary and unless proven otherwise by future price action, we must consider wave one in formation.
Presently NASDAQ is overbought in both the short term and long term and therefore expect an intraday or a one-day correction very shortly