Nasdaq 100 Elliott Wave Weekly Update - Sunday, Aug 9

Technical Analyst & Trader • Aug 9, 2026 at 4:00 AM EDT

The Nasdaq 100 targets new all-time highs toward 31,000 as Elliott Wave patterns signal a bullish structural shift.

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

In this week's update, I discuss the current market structure and potential future movements. I explained my reasoning for shifting the wave count to emphasize the possibility of the index surpassing its all-time highs and moving towards 31,000 or higher, citing upcoming earnings reports from key companies like Nvidia (NVDA), Marvell (MRVL), and Broadcom (AVGO), as well as the influence of CPI and PPI data.

I analyzed the options market, particularly in the QQQ ETF, noting significant open interest at various strike prices and how this could impact the index's movement. I also considered geopolitical risks and their potential impact on the market.

Throughout, I emphasized the importance of adhering to Elliott Wave principles while acknowledging the influence of options trading on market be havior.

Video Length: 00:45:55

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