Elliott Wave view: QQQ correcting cycle from May 18 [Video]

Elliott Wave Forecast Team ElliottWave-Forecast.com

The Nasdaq 100 ETF (QQQ) established a significant low on March 31, 2026, at $555.55. From this level, the ETF advanced in wave (1), reaching $722.03, before a corrective pullback in wave (2) concluded at $695.25. The subsequent rally unfolded as wave (3), structured as a clear impulsive Elliott Wave sequence. Within this move, wave ((i)) terminated at $706.49, followed by wave ((ii)) at $700.20. Momentum then carried wave ((iii)) to $737.60, before wave ((iv)) corrected to $725.27. The final leg, wave ((v)), extended to $748.65, completing wave 1 of the higher degree cycle.

At present, QQQ is pulling back in wave 2, correcting the cycle from the May 19, 2026 low. This phase has already produced wave ((w)), which ended at $741.01, and a counter‑trend rally in wave ((x)), which peaked at $745.76. Market expectations now center on wave ((y)) finding support between $733.60 and $738.20. Once this support zone is confirmed, wave 2 should conclude, paving the way for the next upward cycle. Near term, the pivot at $695.18 remains critical. As long as this level holds, dips are expected to attract buyers. The correction may unfold in 3, 7, or 11 swings, but the broader structure favors continuation higher once the corrective rhythm stabilizes.

Nasdaq 100 ETF (QQQ) 45-minute Elliott Wave chart

Nasdaq 100 ETF Elliott Wave [Video]

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

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