The short-term Elliott Wave analysis for the Nasdaq 100 Index ETF (QQQ) indicates it is approaching the completion of wave (3) from its April 2025 low. This wave (3) unfolds as a five-wave impulse structure. Wave 1 concluded at 467.83, followed by a wave 2 pullback to 427.93. Subsequently, wave 3 surged to 583.32, and wave 4 retraced to 558.84, as illustrated in the 45-minute chart.
Currently, wave 5 is developing as a diagonal pattern. From the wave 4 low, wave ((i)) peaked at 578, with wave ((ii)) dipping to 559.53. Wave ((iii)) then climbed to 581.12, followed by a wave ((iv)) pullback to 571.53. As long as the ETF remains above 559.53, it is poised to extend higher in wave ((v)) of 5, which should also finalize wave (3) on a higher degree. The potential target for wave 5 lies between 589 and 598, calculated using the 123.6% to 161.8% inverse Fibonacci retracement of wave 4.
This analysis suggests a bullish near-term outlook for QQQ, with the ETF likely to reach the projected range before completing wave (3). Traders should monitor the 559.53 support level to confirm the continuation of this upward move. The structure remains intact, supporting further gains in the short term.
Nasdaq 100 ETF (QQQ) – 45 Minute Elliott Wave Technical Chart:
