Nasdaq 100 Elliott Wave Weekly Update - Sunday, Nov 8

Technical Analyst & Trader • Nov 8, 2026 at 5:15 AM EST

Nasdaq 100 enters a Primary Wave 4 correction with potential downside targets between 16,000 and 12,484.

In this week's update, I analyze the recent market correction that began in October. I compared the current situation to the 2000-2002 dot-com bust, noting that while both involved overvaluation and correction, the current technology-driven rally in AI and semiconductors represents a more sustainable long-term trend.

I explained my Elliott Wave count showing the completion of a primary third wave to new highs at 31,361, followed by what I believe is the start of a primary fourth wave correction that could potentially reach down to 16,000-12,484 levels.

I outlined my technical analysis showing minor and minuette wave structures, expecting the correction to unfold in three waves (A-B-C) with a significant decline in wave C, followed by tradable rallies in wave B.

I emphasized that while the current correction appears severe, technology and AI will continue to evolve, making the NASDAQ likely to recover better than other major indices like the S&P 500 and Dow Jones.

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