Nasdaq 100 Elliott Wave Weekly Update - Sunday, Aug 1

Technical Analyst & Trader • Aug 2, 2026 at 4:00 AM EDT

Nasdaq 100 (NDX) volatility surged after the Fed decision, signaling a potential Elliott Wave corrective cycle. While Fibonacci levels provide upside targets, rising geopolitical tensions pose a significant risk to market stability.

depositphotos_393139244-stock-photo-new-york-city-may-2017.jpg — Source: DepositPhotos

In this week's update, I discuss a volatile week marked by a significant rally after the Fed's decision not to raise interest rates, followed by a sharp decline. I attributed the market's behavior to the Wednesday expiration and earnings reports, analyzing the price action using Elliott Wave theory.

I presented two potential wave counts: the primary count suggested the market was in the beginning stages of a corrective wave 2, with potential upside targets at the 50% and 62% Fibonacci retracement levels, while the alternate count considered the possibility of a move to new highs if the market rallied without looking back.

I also discussed geopolitical tensions, particularly between the US, Iran, and Russia, and their potential impact on the markets, warning of a possible sharp downturn if the situation escalated.

Video Length: 00:38:41

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