Invesco NASDAQ ETF $QQQ Pullbacks Offering Bullish Entry Points

Hello everyone! In today’s article, we’ll examine the recent performance of Invesco NASDAQ ETF ($QQQ) through the lens of Elliott Wave Theory. We’ll review how the rally from the April 21, 2025 low unfolded as a 5-wave impulse followed by a 3-swing correction (ABC) and discuss our forecast for the next move. Let’s dive into the structure and expectations for this ETF.

5 Wave Impulse Structure + ABC correction

$QQQ 1H Elliott Wave Chart 5.23.2025:

In the 1-hour Elliott Wave count from May 23, 2025, we saw that $QQQ completed a 5-wave impulsive cycle at red 3. As expected, this initial wave prompted a pullback. We anticipated this pullback to unfold in 3 swings, likely finding buyers in the equal legs area between $505.01 and $497.12.

This setup aligns with a typical Elliott Wave correction pattern (ABC), in which the market pauses briefly before resuming its primary trend.

$QQQ 1H Elliott Wave Chart 5.28.2025:

The recent update, from May 28, 2025, shows that the ETF bounced as predicted. Currently, it is trading higher in wave 5 looking for continuation higher towards 540 – 556 area before another pullback can happen.

Conclusion

In conclusion, our Elliott Wave analysis of Invesco NASDAQ ETF ($QQQ) suggests that it remains supported against April 2025 lows. As a result, traders that bought the dip should monitor the $540–$556 zone as the next potential target. In the meantime, keep an eye out for any corrective pullbacks that may offer entry opportunities. By applying Elliott Wave Theory, traders can better anticipate the structure of upcoming moves and enhance risk management in volatile markets.

$QQQ Elliott Wave Video Analysis

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