NASDAQ Elliott Wave Analysis for Thursday 13/07/2023

Although the NASDAQ looks bullish in the higher timeframe, we expect a pullback in the lower timeframe. In the 4 hours, we see 5 waves up and wave 5 is ending with divergence compared to wave 3. If the divergence is not erased, we would expect a pullback. In the 1 hour, the upward structure looks incomplete. When we have a complete impulse up, a short can be initiated (against the main direction). A safer way to trade is to wait for the next ABC pullback and go long from there.