All signalls on Elliot wave is that the low of 8/5 now looks like the completion of the quick ABC pullback from July, and a start of the new 12345 uptrend wave. This should be the wave 5 of the bull market that was started from low of 2020.
If this assumption is indeed true, QQQ could run even higher than 520 (to 540-560) as the wave 5 of the bull market. I am actually still shocked that this could be the case as I was expecting that ABC pullback to last longer. But the price action of QQQ is saying a new 12345 uptrend has started from 8/5.
