Nasdaq 100 Elliott Wave Weekly Update - Sunday, Aug 30

Technical Analyst & Trader • Aug 30, 2026 at 4:00 AM EDT

The Nasdaq 100 faces a primary wave 4 correction following the completion of primary wave 3. Technical setups for Nvidia and Marvell suggest rising volatility amid news of a major US-Venezuela oil deal.

Source: DepositPhotos

In this week's update, I focus on the structure and potential direction of the market. I discussed the completion of primary wave 3 and the possible start of primary wave 4, a corrective phase that would consist of intermediate waves A, B, and C.

I presented two alternate wave counts for the recent price action, one suggesting a completed fifth wave and the start of a downtrend, and another as an alternate where the fifth wave was yet to be completed.

I also analyzed the impact of recent news regarding a U.S. agreement with Venezuela for control of oil reserves, speculating on its potential bullish effect on the market. The technical picture included discussions on volatility triggers and the performance of key stocks like Nvidia (NVDA) and Marvell (MRVL).

I concluded by noting the uncertainty in the wave count and the need to observe the market's reaction to the news.

Video Length: 00:41:56

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