Nasdaq 100 Elliott Wave Weekly Update - Sunday, Oct 4

Technical Analyst & Trader • Oct 4, 2026 at 3:00 AM EDT

The Nasdaq 100 eyes targets near 33,867 as minor wave 5 approaches completion. Technical support sits at 30,429, though rising bond yields and October earnings volatility could signal an approaching market top.

In this week's update, I present detailed technical analysis across multiple time frames. I outlined the long-term wave count, showing that the current rally represents minor wave 5 within intermediate wave 5, which is part of a larger primary wave 3 that began after the 2002 bottom following the "Nasdaq crash."

I identified key support levels around 30,540 and 30,429 for the current correction, while projecting potential targets of 33,133 or 33,867 for minor wave 5 completion.

I also analyzed the Nasdaq futures (NQ) and QQQ, noting similar bullish patterns with diagonal structures potentially forming within wave 5.

I expressed concern about rising bond yields and interest rates, questioning the "one and done" rate hike narrative, and warned about potential market tops approaching during October's earnings season with major tech companies reporting results.

Video Length: 00:30:33

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