The USD experienced a strengthening last week while stocks faced a decline, which was influenced by Powell’s statement suggesting the possibility of raising interest rates once or twice more this year.

Consequently, the NASDAQ100 exhibited a significant pullback, which, according to the Elliott wave theory, may be a temporary occurrence. It is noteworthy that prior to this pullback, there was a retest of the 161.8% Fibonacci extended target, which is considered an ideal zone for the end of an extended 3rd wave. Typically, this extended third wave forms part of an impulsive structure consisting of five subwaves. Therefore, we believe that the ongoing pullback represents the fourth wave within this bullish impulse, and it would be prudent to monitor the 38.2% Fibonacci level as a potential new swing zone, in accordance with Elliott wave principles and guidelines.

That being said, there is a chance that market will continue to rise at the start of July, and maybe Tesla, as well as cryptos can see even more gains after current pullbacks.

NASDAQ100 Elliott Wave Count vs TESLA vs CRYPTO TOTAL CAP -4h

Trade well,

Grega

@gregahorvatfx

nasdaq100

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