Nasdaq 100 Elliott Wave Weekly Update - Sunday, Sep 27

By Michael Filighera of Logical Signals

Technical Analyst & Trader • Sep 27, 2026 at 4:30 AM EDT

AI momentum is set to drive the Nasdaq higher as capital rotates back into leaders like Micron and Meta. Elliott Wave analysis suggests significant upside, though quarter-end events could spark near-term volatility.

Source: DepositPhotos

In this week's update, I discussed market expectations for continued AI-related stock rallies. I believe that capital shifting back into AI accelerators, particularly following options expiration cycles on Monday, Wednesday, and Friday, would drive continued gains in stocks like Micron (MU), Meta (META), Marvell (MRVL), Google (GOOGL), Broadcom (AVGO), Amazon (AMZN), AMD, AMAT, and Apple (AAPL).

I highlighted that Wednesday, September 30th would be particularly significant as it's both quarter-end and features Micron's earnings release, with JP Morgan (JPM) also flipping their collar to December, potentially creating substantial market volatility.

I analyzed the technical wave structure, discussing whether the current rally represents wave 3 or potential wave 4, with Fibonacci targets around 30,831 and 33,133, while noting the complexity in counting the internal waves due to the volatile price action.

I concluded that the Nasdaq (QQQ) is likely to continue leading gains compared to the S&P 500 (SPY), with AI-related stocks in the top 10 holdings of both indices driving the momentum upward.

Video Length: 00:36:55

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