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In this article, we take a closer look at some Elliott Wave charts of the QQQ ETF. As readers likely know, the QQQ ETF recently bounced from the 'equal legs' area. The ETF reached an extreme zone from the peak at the 540.6 level, and it found buyers as expected. Next, we will take a look at the Elliott Wave forecast and how things played out.

Forecast as of Sunday, April 6, 2025

As of Sunday, April 6, 2025, the QQQ ETF was seen trading within the cycle from the peak at 540.63. The price action appeared to be unfolding as a zig-zag pattern. We expected to see an extension toward the extreme zone within the 419.26-373.2 range. At that zone, we expected to see buyers re-enter, potentially sparking a further rally in a 3-wave bounce formation. At the time, we recommended not to sell QQQ.

QQQ Elliott Wave One-Hour Chart: April 6, 2025

(Click on image to enlarge)

Forecast as of Thursday, April 10, 2025

Following that previous forecast, the ETF extended down into the 'equal legs' area, as expected. The ETF found buyers from that point. The cycle from the peak ended at the 395.86 low.

We saw further strength in the ETF at that time, and readers who took long trades likely have been enjoying profits in risk-free positions. The 395.86 level remained vital to the bullish outlook in the ETF.

QQQ Elliott Wave One-Hour Chart: Thursday, April 10, 2025

(Click on image to enlarge)

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