Despite two major market events (DeepSeek and Tariffs), the NDX index has remained relatively stable, trading at a similar level as it did two years ago. This analysis, based on Elliott Wave theory, examines the current market structure and suggests the possibility of reaching new all-time highs. Key levels to watch include the January 13 low and the rising technical indicators.
. Back then, the index was trading at around $21482. Fast-forward through two debacles , and with all major tech companies’ earnings behind us, the index is trading at essentially the same level: $21672.
“Thus, contingent on holding at least above $20800, …, and especially above the January 13 low at $20538, we should expect the index to reach the red W-v’s ideal target zone at $22825-23400. … Meanwhile, we have penciled in a standard Fibonacci-based impulse pattern with the green W-1? through W-5? for this red W-v. However, since we’re most likely dealing with an Ending Diagonal from the August 2024 low, which comprises a 3-3-3-3-3 pattern, we may see short-term deviations, i.e.
Speaking of the Bulls, the index is still above its first warning level and above its rising 10-day simple moving average , which is above its rising 20d SMA > rising 50d SMA > rising Ichimoku Cloud > rising 200d SMA. Thus, the price chart is currently in a 100% Bullish uptrend. As such, we prefer to have a Bullish perspective until proven otherwise.
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