Nasdaq 100 Elliott Wave Weekly Update - Sunday, July 26

Technical Analyst & Trader • Jul 26, 2026 at 4:30 AM EDT

The Nasdaq 100 enters a primary fourth wave correction following its June peak, signaling potential downside for the QQQ ETF.

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Source: DepositPhotos

In this week's update, I analyze the market structure and potential future moves. I discussed the completion of a primary third wave up in June and the start of a corrective primary fourth wave, which I expect to consist of an ABC pattern.

I considered an alternate count where the current move could still be a fourth wave, but I noted it would require a strong and immediate rally to validate it.

I analyzed the internal waves and Fibonacci levels, suggesting potential downside targets for the current third wave move.

I also discussed external factors such as geopolitical tensions, the upcoming FOMC meeting, and earnings reports from major tech companies that could influence market direction.

I concluded by updating the wave counts on the cash market, futures (NQ), and the ETF (QQQ), emphasizing the potential for a significant correction.

Video Length: 00:53:33

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