The short‑term Elliott Wave outlook for the Nasdaq 100 (NQ) indicates that the rally from the July 30 low concluded in wave 1 at 30,352.16 as an impulsive structure. Following this advance, a corrective pullback in wave 2 is unfolding, with its internal subdivision taking the form of a double three. From the termination of wave 1, wave (a) ended at 29,430.50, while the subsequent rally in wave (b) reached 29,757.25. The decline in wave (c) then completed at 28,946.75, marking the conclusion of wave ((w)) at a higher degree.
Currently, wave ((x)) is progressing as an expanded flat structure within the Elliott Wave framework. From the completion of wave ((w)), wave (a) advanced to 29,811.50, followed by a pullback in wave (b) that ended at 28,927.25. The index retains scope to extend higher within wave (c), which is expected to unfold in five waves before resuming its downward trajectory. This development suggests that the corrective phase remains incomplete and that further weakness is likely once the current rally exhausts.
As long as the pivot at 30,352.16, the termination point of wave 1, remains intact, the expectation is for the rally to fail. This failure would confirm the continuation of a larger degree correction against the July 30 low. The structure highlights the importance of monitoring the pivot level, as its preservation maintains the bearish bias and supports the view of additional downside in the near term.
Nasdaq-100 60 Minute Elliott Wave Chart
NQ Elliott Wave Video
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