Elliott Wave view: Nasdaq 100 ETF (QQQ) extending higher [Video]

Elliott Wave Forecast Team ElliottWave-Forecast.com

Nasdaq 100 ETF (QQQ) has broken to new all-time high suggesting the right side remains firmly bullish. The rally from 1.27.2025 low is in progress as a 5 waves with extension (nest). Up from 1.27.2025 low, wave 1 ended at 531.52 and pullback in wave 2 ended at 507.5. The ETF has extended higher in wave 3. Up from wave 2, wave ((i)) ended at 532.10. Pullback in wave ((ii)) unfolded as a double three Elliott Wave structure. Down from wave ((i)), wave (w) ended at 521.56, and wave (x) ended at 530.36. Wave (y) lower ended at 521.32 which also completed wave ((ii)) in higher degree.

Nasdaq 100 ETF (QQQ) 60 minutes Elliott Wave chart

The ETF has resumed higher in wave ((iii)). Up from wave ((ii)), wave i ended at 530.72 and pullback in wave ii ended at 527.22. Wave iii higher ended at 541.28 and pullback in wave iv ended at 536.04. Expect wave v to complete soon which should end wave (i) in higher degree. The ETF should then pullback in wave (ii) to correct cycle from 2.12.2025 low before it resumes higher. Near term, as far as pivot at 521.32 low stays intact, expect pullback to find support in 3, 7, or 11 swing for further upside.

QQQ [Video]

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

EUR/USD recedes to daily lows near 1.1850

EUR/USD keeps its bearish momentum well in place, slipping back to the area of 1.1850 to hit daily lows on Monday. The pair’s continuation of the leg lower comes amid decent gains in the US Dollar in a context of scarce volatility and thin trade conditions due to the inactivity in the US markets.

GBP/USD resumes the downtrend, back to the low-1.3600s

GBP/USD rapidly leaves behind Friday’s decent advance, refocusing on the downside and retreating to the 1.3630 region at the beginning of the week. In the meantime, the British Pound is expected to remain under the microscope ahead of the release of the key UK labour market report on Tuesday.

Gold looks inconclusive around $5,000

Gold partially fades Friday’s strong recovery, orbiting around the key $5,000 region per troy ounce in a context of humble gains in the Greenback on Monday. Additing to the vacillating mood, trade conditions remain thin amid the observance of the Presidents Day holiday in the US.

Bitcoin consolidates as on-chain data show mixed signals

Bitcoin price has consolidated between $65,700 and $72,000 over the past nine days, with no clear directional bias. US-listed spot ETFs recorded a $359.91 million weekly outflow, marking the fourth consecutive week of withdrawals.

The week ahead: Key inflation readings and why the AI trade could be overdone

It is likely to be a quiet start to the week, with US markets closed on Monday for Presidents Day. European markets are higher across the board and gold is clinging to the $5,000 level after the tamer than expected CPI report in the US reduced haven flows to precious metals.

XRP steadies in narrow range as fund inflows, futures interest rise

Ripple is trading in a narrow range between $1.45 (immediate support) and $1.50 (resistance) at the time of writing on Monday. The remittance token extended its recovery last week, peaking at $1.67 on Sunday from the weekly open at $1.43.