The NASDAQ structure shows the formation of a bullish trend consisting of primary sub-waves ①-②-③-④-⑤.
At the end of 2020, a horizontal corrective wave ④ began. This took the form of a contracting (A)-(B)-(C)-(D)-(E) triangle of the intermediate degree.
Since the beginning of the new year, the market has been moving in an upward direction in the impulse wave ⑤. At the current time, wave ⑤ has almost fully completed.
In the next coming trading days, we can expect bullish growth in the intermediate impulse (5) to the 159.96 area.
At that level, primary 5th wave will be at the 76.4% Fibonacci extension of primary wave ③.
An alternative scenario hints at an incomplete primary correction ④. Here it is a skewed triangle (A)-(B)-(C)-(D)-(E) of the intermediate degree.
At the moment, the wave (D) of this triangular shape is under construction and has a complex triple zigzag formation.
The price could rise to the resistance line and the level of 150.63, where we will see the end of the triple zigzag (D).
Then a reversal and the development of the final wave (E) to 130.39 is likely, which is on the support line.