The Invesco QQQ Trust (QQQ) just reached a new all-time high. This milestone highlights an incomplete short-term Elliott Wave structure. A clear five-wave impulse cycle continues to advance from the October 11, 2025 low. Wave 1 completed at 608.31. It gave way to wave 2, which dipped to 590.08. The 30-minute chart clearly shows this correction. From there, the ETF surged higher into wave 3.
Within wave 3, wave ((i)) peaked at 612.80. A brief wave ((ii)) followed and ended at 599.74. Price then accelerated upward in wave ((iii)), reaching 638.18. Wave ((iv)) corrected modestly to 625.61. One final push remains in wave ((v)). It should finish wave 3. After that, wave 4 will pull back. The ETF then resumes its climb in wave 5. This leg completes the full cycle from October 11.
The key pivot at 590.08 stays intact. Any dip should hold support in a 3-, 7-, or 11-swing area. Upside momentum resumes above this level. The upside target derives from the 123.6%–161.8% inverse Fibonacci extension of wave ((iv)). This projects a zone of 640.80–645.50. Once wave 5 tops, a more significant correction follows. For now, price action favors higher levels, so the path of least resistance stays upward as long as 590.08 holds.
