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In today’s article, we’ll examine the recent performance of the Invesco Nasdaq ETF (QQQ) through the lens of Elliott Wave Theory. We’ll review how the rally from the April 21, 2025 low unfolded as a 5-wave impulse followed by a 7-swing correction (WXY) and discuss our forecast for the next move. Let’s dive into the structure and expectations for this ETF.

5 Wave Impulse + 7 Swing WXY correction
 

$QQQ 1H Elliott Wave Chart 11.07.2025:
 

In the 1-hour Elliott Wave count from Nov 07, 2025, we saw that $QQQ completed a 5-wave impulsive cycle at blue (3). As expected, this initial wave prompted a pullback. We anticipated this pullback to unfold in 7 swings, likely finding buyers in the equal legs area between $603.27 and $588.88.

This setup aligns with a typical Elliott Wave correction pattern (WXY), in which the market pauses briefly before resuming its primary trend.

$QQQ 1H Elliott Wave Chart 11.10.2025:
 

The latest update, from Nov 10, 2025, shows that the ETF bounced as predicted. Currently, it is trading higher in wave 1 of (5) looking for continuation higher towards 647 – 662 to finish 5 waves from the Nov 7th low.

Conclusion
 

To conclude, our Elliott Wave analysis of Invesco Nasdaq ETF suggests that it remains supported against Nov 2025 lows. Thus, traders that bought the dip should get risk free by booking half profits and moving the stop loss to the recent low. Additionally, keep an eye out for any corrective pullbacks that may offer entry opportunities.

By applying Elliott Wave Theory, traders can better anticipate the structure of upcoming moves and enhance risk management in volatile markets.

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