The short-term Elliott Wave outlook for the Nasdaq 100 ETF (QQQ) indicates that the cycle from the April 2025 low remains active. Wave (4) of the ongoing impulse concluded at 580.27, and the ETF has since resumed its upward trajectory. To confirm continuation, price must break above the prior wave (3) peak recorded on 30 October at 638.41. The rally from the 21 November wave (4) low has matured and is expected to complete soon, reflecting the natural rhythm of the Elliott Wave sequence.
The advance from wave (4) has unfolded as a five-wave impulse. Within this structure, wave ((i)) ended at 586.25, followed by a corrective pullback in wave ((ii)) that terminated at 580.36. From there, the ETF nested higher. Wave (i) of the next sequence ended at 596.98, while wave (ii) pulled back to 589.44. Momentum carried wave (iii) to 606.76, before wave (iv) corrected to 597.32. The final leg, wave (v), reached 619.51, completing wave ((iii)) at a higher degree. A subsequent pullback in wave ((iv)) ended at 612.13.
Looking ahead, wave ((v)) of 1 is expected to finish soon. Afterward, a corrective wave 2 should unfold, addressing the cycle from the 21 November low before the ETF resumes higher. In the near term, as long as the pivot at 580.27 remains intact, dips are anticipated to find support in a 3, 7, or 11 swing sequence, reinforcing prospects for further upside.
