The Nasdaq (NQ100) has shown an impressive bullish impulse since the beginning of April 2026. In just 6 weeks, the NQ100 climbed from 24,750 to almost 29,500 for an approximate gain of 19%. Impressive. Now the main question is: can the NQ100 extend those gains? Let’s review it.
Daily chart
Break below Monday’s low
Price action is making a bearish pullback at the moment. The break below Monday’s low (orange box) is confirming a retest of the ET zone 8.
Let’s review the main scenarios:
A bearish break, pullback, and decline is the main expected scenario for the upcoming 1-2 weeks (orange arrows).
The bearish retracement could see price fall towards the support around 28,000-28,250, which is aligned with the 21 ema zone of the daily chart.
An uptrend continuation and a new higher high (green arrows) within a wave 345 (pink) is expected considering the strong bullish impulse since the start of April.
An immediate bullish uptrend might be possible but this scenario would only make sense after price bounces at the 21 ema, breaks through resistance, and rallies (blue arrows).
Four-hour chart
Retest 21 EMA after exhaustion signals
The four-hour chart showed signs of exhaustion according to our template (orange box). The EX signs above the 4 candles show loss of momentum before price action started to make a bearish pullback.
Let’s analyse the path of least resistance:
Price action is testing the 21 ema zone, which is a key decision zone.
A bullish bounce is expected (green arrow).
But a larger bearish pullback should take price action back to the 144 ema (orange arrows).
An ABC (purple) pattern is expected within wave 4 (pink).
Once price completes the correction, a continuation of the uptrend could see price move higher for a wave 5 (pink) and a new higher high (blue arrow).
An uptrend continuation remains likely as long as price action remains above the 144-233 ema zone on the 4 hour chart.
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