QQQ short term cycle nearing end, pullback likely to attract buyers [Video]

Elliott Wave Forecast Team ElliottWave-Forecast.com

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.

Nasdaq 100 ETF (QQQ) 30-minute Elliott Wave chart from 12.5.2025

Nasdaq 100 ETF Elliott Wave [Video]

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

GBP/USD slides below 1.3250 after failing to break through 23.6% Fibo

The GBP/USD pair meets with a fresh supply during the Asian session on Wednesday and moves away from a nearly two-week high around the 1.3275 region, touched the previous day. Spot prices currently trade around the 1.3235 zone, down 0.20% for the day, as traders look to speeches from Bank of England Governor Andrew Bailey and Federal Reserve Chair Kevin Warsh for a fresh impetus.

EUR/USD keeps losses near 1.1400 ahead of Eurozone inflation data

EUR/USD keeps the offered tone intact near 1.1400 in early Europe on Wednesday, pressured by receding bets for aggressive tightening by the European Central Bank (ECB). Traders will take more cues from the preliminary reading of the Eurozone's Harmonized Index of Consumer Prices and the US Manufacturing PMI report due later in the day.

Gold sticks to bearish bias below $4,000 amid Fed hike bets and Iran risks

Gold attracts fresh sellers following the previous day's good two-way price swings, and weakens further below the $4,000 psychological mark through the Asian session. This marks the third straight day of a slide and keeps the precious metal closer to its lowest level since November 2025. Moreover, a bullish US Dollar suggests that the path of least resistance for the bullion is to the downside.

Solana: Retail confidence backs SOL testing 50-day EMA breakout near $75

Solana price extends gains, testing the 50-day Exponential Moving Average around $75.00. Although institutional demand for Solana remains weak, stabilizing retail confidence, with rising funding rates and steady Open Interest, supports the mild recovery. The technical outlook for SOL shifts mildly bullish, projecting a potential breakout rally toward the $100 mark.

Kevin Warsh isn't expected to say much in Sintra: That's exactly why markets will listen

Financial markets could find an important catalyst in the enchanting, fairytale-like landscape of Sintra this week. The European Central Bank Forum will, as it does every year, gather the crème de la crème of central banks. The new boss at the Federal Reserve, who has clearly said that the Fed should stop explaining everything, will need to talk – and traders should listen.

Kevin Warsh isn't expected to say much in Sintra: That's exactly why markets will listen

Financial markets could find an important catalyst in the enchanting, fairytale-like landscape of Sintra this week. The ECB Forum will, as it does every year, gather the crème de la crème of central banks. The new boss at the Fed, who has clearly said that the Fed should stop explaining everything, will need to talk – and traders should listen.