Nasdaq 100 Poised for a Deep Corrective Move After Breaking Key The Nasdaq 100 index has retreated toward a key area after a clear break below the ascending trendline that has held since mid-year, reinforcing expectations of a broader corrective wave. The current decline below the 25,000 – 24,600 zone indicates weakening bullish momentum, especially after breaking the previous low (Point 1), which supports the outlook for the index to move within a multi-leg bearish structure (five-wave decline).
The most likely scenario at this stage is a continued move lower toward the major moving averages, targeting the 22,800 – 22,200 zone as the first stage (Wave 3), followed by a limited rebound (Wave 4), before resuming the decline into Wave 5. This sequence would mark the beginning of a relatively deep correction compared to the prior bullish trend.
