Nasdaq 100 Elliott Wave Weekly Update - Sunday, Mar 22

Technical Analyst & Trader • Mar 22, 2026 at 6:15 AM EDT

The Nasdaq 100 faces further downside as Elliott Wave analysis signals a primary fourth wave correction. Spiking volatility and a recent gamma smash weigh on the index, with key support levels identified between 23,634 and 23,760.

In this week's podcast, I discuss both the cash and futures markets. I examined the potential completion of primary wave 3 and the beginning of a primary fourth wave correction, considering various Elliott wave counts, including diagonal patterns and minute waves. I highlighted the impact of gamma trades and options expiration on market volatility, particularly noting a significant "gamma smash" that occurred on Friday, March 20th.

I also discussed external factors affecting the market, including the Iran conflict and its impact on oil prices, as well as a large VIX options trade that could influence volatility.

I concluded that while some market participants were expecting a rally, I believe the market still has more downside to complete before potentially launching higher, with key support levels around 23,634-23,760 in the cash market.

Video Length: 00:48:55

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