Nasdaq 100 Elliott Wave Daily Update - Thursday, Mar 5

Nasdaq-100 volatility persists as Elliott Wave analysis signals a B-wave consolidation before a potential rally toward 25,670. Microsoft and Tesla remain in focus as markets await critical U.S. employment data.

The market experienced volatile trading with sharp swings, particularly in the Nasdaq-100 (QQQ), as algorithmic trading and options-related gamma levels drove price movements. Despite a large intraday drop in the Dow (DIA), markets partially recovered by the close while Bitcoin also declined. Technology stocks showed mixed leadership, with Broadcom (AVGO) influencing Nasdaq activity and names like Microsoft (MSFT), Tesla (TSLA), and AT&T displaying rapid push-pull price movements.

From an Elliott Wave perspective, the Nasdaq-100 structure still supports a developing corrective pattern with multiple possible counts. The current scenario suggests a B-wave consolidation before a potential rally toward resistance levels near 25,327–25,670. Key support zones remain around 24,678 and 24,544, while a break below 24,165 would invalidate the current wave structure. Upcoming economic data, including the U.S. employment report, retail sales, and business inventories, could influence the next directional move.

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