The Nasdaq‑100 Index ETF (QQQ) has completed the cycle that began from the April 7, 2025 low, and the instrument is now entering a larger‑degree corrective phase. The decline from the October 29, 2025 high is unfolding as a double‑three Elliott Wave structure, which reflects a more complex form of correction. From the October 29 peak, wave W ended at $580.74, followed by a recovery in wave X that reached $637.56. After this rebound, the ETF turned lower again and began wave Y.
The internal structure of wave Y is developing as a zigzag, which is consistent with the broader corrective theme. From the wave X high, wave ((a)) declined to $587.44, while wave ((b)) retraced to $617.52. This sequence sets the stage for the next leg lower within wave Y. In the near term, the bearish outlook remains valid as long as the pivot at $637.56 stays intact.
QQQ 60 minute chart
If the pivot holds, QQQ is expected to extend lower toward the typical Fibonacci targets associated with a double‑three structure. The 100% to 161.8% extension of wave W projects a potential downside area between $545 and $579. This zone represents the next logical region where buyers may attempt to stabilize the decline and where the correction could reach completion.
QQQ Elliott Wave Video
Source: https://www.fxstreet.com/news/qqq-elliott-wave-structure-points-to-a-higher-degree-pullback-from-the-april-2025-low-video-202602130523
