Nasdaq 100 Elliott Wave Daily Update - Monday, Mar 23

Technical Analyst & Trader • Mar 23, 2026 at 11:10 PM EDT

The Nasdaq 100 failed to hold its initial spike, signaling an extended wave 4 correction. Markets may face further downside toward 23,600 before a sharp, algorithm-driven wave 5 rally attempts to regain momentum amidst geopolitical volatility.

The video provides an Elliott Wave analysis of the market, focused on the Nasdaq 100, suggesting that despite an initial bullish spike, the market failed to sustain upward momentum and is likely entering a corrective phase.

Michael Filighera believes:

The market is forming an extended wave 4 correction, not a strong bullish continuation.
A short-term bounce (wave C up) may still occur, but it is expected to be limited.
This could be followed by a final downward move (wave 5) toward lower levels (~23,600 zone).
Any future upside (wave 5 rally) is expected to be quick and sharp, not a prolonged bull run.

Market movements are currently heavily influenced by geopolitical news (Iran, oil price swings) and algorithmic trading, leading to exaggerated volatility.

Overall, the outlook leans cautious to bearish in the near term, with more downside risk before any meaningful rally resumes.

Video Length: 00:14:09

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