Nasdaq 100 Elliott Wave Weekly Update - Sunday, Nov 15

Technical Analyst & Trader • Nov 15, 2026 at 3:30 AM EST

The Nasdaq 100 faces a primary degree wave 4 correction targeting 10,440 as market conditions worsen. Nvidia shares drop following a CEO resignation, while rising interest rates and negative news flow weigh on the tech-heavy index.

In this week's update, I am focusing on the challenging market conditions and recent developments, particularly the CEO resignation at Nvidia (NVDA) and its impact on the stock price.

I discussed the technical analysis showing potential completion of primary wave 3, with the current decline likely representing the start of a primary degree fourth wave correction, potentially targeting the 10,440 area where intermediate wave 4 previously bottomed.

I presented both my preferred count and an alternate scenario, noting that the market's internals and various factors, including interest rates, bond market conditions, and upcoming earnings reports, would all influence the direction.

I expressed uncertainty about a potential rally, citing negative news flow, interest rate pressures, and global market concerns as factors working against a significant upward move.

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