Nasdaq 100 Elliott Wave Weekly Update - Sunday, Sep 6

Technical Analyst & Trader • Sep 6, 2026 at 3:30 AM EDT

The Nasdaq 100 faces a correction toward 2022 lows as Elliott Wave analysis signals a market top.

In this week's update, I discuss the current wave structure and potential market movements. I outlined two main scenarios: the preferred count, which suggests the market has topped and is beginning a corrective phase that could eventually retrace to the 2022 lows, and an alternate count, which allows for a final fifth wave rally to new highs, driven by options expiration dynamics and strength in tech stocks like Nvidia (NVDA) and Micron (MU).

I analyzed the recent market action, including the impact of employment data and Fed rate hike expectations, and explained how gamma levels and options activity could influence volatility and price direction.

I emphasized the uncertainty in the market, noting that both bullish and bearish paths are possible, and that the upcoming FOMC meeting and September options expiration could be key catalysts for the next move.

Video Length: 00:53:30

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