Automatic wave scan: as of 4 Nov 2026, the automatic daily count for Nasdaq 100 is Wave 1 down with a bearish bias. The count stays valid while price holds 31,361.
Current Nasdaq 100 wave count
Automatic wave scan Updated daily from the latest daily close (3 Nov 2026). Computer generated from swing highs and lows, not reviewed by an analyst.
Automatic scan: price is in wave 1, the first leg of a five wave decline that began at 31,361 on 6 Oct 2026. Next levels to watch are 27,044 and 25,870. The count fails on a daily close above 31,361.
Key levels
| Type | Levels |
|---|---|
| Resistance | 31 · 361 · 28 · 753 |
| Support | 27 · 176 · 22 · 841 |
| Invalidation | 31,361 |
What is Nasdaq 100?
The Nasdaq 100 was launched in January 1985. It includes large companies from technology, consumer, health care and other sectors, but excludes banks and other financial firms.
A handful of giant companies, such as Apple, Microsoft, Nvidia, Amazon and Alphabet, make up a large part of its weight. The Invesco QQQ fund, which tracks the index, is one of the most traded ETFs in the world.
What moves the Nasdaq 100 price?
- Tech earnings: Results from the largest tech firms often set the tone.
- Interest rates: Growth stocks are sensitive to bond yields, since much of their value lies in future profits.
- AI spending: Investment in artificial intelligence chips and data centers has been a major theme.
- Federal Reserve: Rate expectations affect valuations strongly.
- Regulation: Antitrust and trade rules for big tech firms can move the index.
How Nasdaq 100 moves in Elliott Wave terms
The Nasdaq 100 makes larger percentage moves than the S&P 500, so its waves are easier to see but corrections are deeper. Its 2000 peak and 2002 low are a textbook example of a large impulse followed by a severe correction.
In strong trends, the index often shows extended third waves. In bear phases, like 2022, it can fall more than 30 percent in clear five-wave declines.
Tips for counting Nasdaq 100 waves
Compare the count with the S&P 500. When the Nasdaq leads, risk appetite is usually strong.
Nasdaq 100 key facts
Nasdaq 100 Elliott Wave FAQ
What companies are in the Nasdaq 100?
The 100 largest non-financial companies listed on Nasdaq, including Apple, Microsoft, Nvidia, Amazon and Alphabet.
Why are banks not in the Nasdaq 100?
The index rules exclude financial companies. Nasdaq has a separate financial index.
Is the Nasdaq 100 more volatile than the S&P 500?
Yes, usually. Its heavy technology weight leads to larger moves in both directions.
Sources and further reading
- Nasdaq-100 Index methodology (Nasdaq)
- Federal Open Market Committee (Federal Reserve)
- Nasdaq-100 (Wikipedia)
Educational content only. Nothing on this page is financial advice or a recommendation to buy or sell. Trading involves risk and you can lose money. Elliott Wave counts are probabilities, not certainties. Read our full disclaimer and affiliate disclosure.
