The Nasdaq‑100 ETF (QQQ) concluded its corrective phase against the cycle from the April 2025 low at $555.50. Since that point, the instrument has advanced in a clear five‑wave impulsive Elliott Wave structure, signaling renewed strength in the broader trend. From the March 31 low, wave 1 terminated at $587.74, followed by a modest pullback in wave 2 that ended at $571.68. After this retracement, the ETF extended higher in wave 3, which itself unfolded as an impulsive sequence of lesser degree.
Within wave 3, wave ((i)) reached $590.61, while the subsequent pullback in wave ((ii)) ended at $578.40. The rally then accelerated, with wave ((iii)) advancing to $650.59 before wave ((iv)) corrected to $642.21. The final leg, wave ((v)), concluded at $656.92, thereby completing wave 3 in higher degree. A corrective wave 4 followed, ending at $645.52.
Looking ahead, the ETF is expected to extend higher once more to complete wave 5. This move should also finalize wave (1) in higher degree, marking the end of the cycle from the March 31 low. Afterward, a larger‑degree pullback is anticipated to correct the entire rally before the upward trend resumes. In the near term, as long as the pivot at $571.68 remains intact, the bullish outlook favors continued extension higher.
