The short‑term Elliott Wave view indicates that the Nasdaq 100 ETF (QQQ) is positioned to break toward a new all‑time high. The rally from the July 29, 2026 low has unfolded as a five‑wave structure. Within this advance, wave ((i)) terminated at $734.58. The subsequent pullback in wave ((ii)) developed as a double three corrective pattern. From wave ((i)), wave (w) ended at $702.70, followed by wave (x) at $724.13. The decline in wave (y) concluded at $699.91, thereby completing wave ((ii)) at a higher degree.
Following this correction, the ETF resumed its upward trajectory in wave ((iii)), which is progressing with internal subdivision into five waves. From wave ((ii)), wave (i) ended at $722.39, while the pullback in wave (ii) reached $715.08. Near term, the pivot at $699.91 remains critical. As long as this level holds, dips are expected to attract buyers in either three or seven swings. The broader implication is that the ETF retains a constructive outlook, with the corrective phase already completed and momentum favoring further extension higher.
Nasdaq 100 ETF 60 Minute Elliott Wave Chart
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