The article discusses a trading setup using the Elliott Wave pattern on the Invesco NASDAQ ETF. The ETF experienced a three-wave correction that concluded with a Double Three pattern, followed by a rally. The Double Three pattern is noted for its reliability in the market, providing trading entries with well-defined levels. This pattern anticipated weakness towards the 586.28\u2013561.62 range. Buyers were established at the Blue Box area, leading to a bounce. While the ETF remains above the recent low of 580.31, it is believed that wave (4) of the blue correction is complete. Expectations are for wave (5) to progress towards new highs, aiming for the 652.32 area. <\/p>\n
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The technical picture for the QQQ exchange-traded fund suggests the recent pullback has found a bottom. We saw buyers emerge right around the 580 level, fulfilling the conditions of a classic corrective pattern. This indicates that the path of least resistance is now to the upside, targeting new highs.<\/p>\n
This bullish view is supported by the latest economic data. The November PCE inflation report released last week came in at a cool 2.6%, further cementing expectations of a dovish Federal Reserve. As of today, Fed funds futures are pricing in an 85% probability of a rate cut by the end of the first quarter of 2026, which is highly supportive for technology and growth stocks.<\/p>\n
For the coming weeks, we should consider positioning for a move toward the 652 price target. Bull call spreads using January or February 2026 expirations offer a way to capture this upside with defined risk. Selling out-of-the-money puts with strike prices below the recent 580 low is another viable strategy to collect premium.<\/p>\n
Market volatility has been compressing as we approach year-end, with the VIX falling below 15 for the first time since October. Any bullish derivative position should use the recent low of 580.31 as a clear invalidation level. Following the plan, we will look to move stops to breakeven once the initial upward thrust is confirmed.<\/p>\n
This current market structure is very similar to the environment we saw in late 2023 and into 2024. During that period, the market rallied strongly on the prospect of Fed easing and excitement over AI-related growth. The recent dip appears to have been another healthy consolidation before the next potential leg higher.<\/p>\n
Create your live VT Markets account<\/a>\u00a0and\u00a0start trading<\/a>\u00a0now. <\/b><\/p>\n","protected":false},"excerpt":{"rendered":" Elliott Wave pattern signals bounce in Invesco NASDAQ ETF; Wave (5) targets new highs near 652.32.<\/p>\n","protected":false},"author":62,"featured_media":16987,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[59],"tags":[],"class_list":["post-36135","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-live-updates"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarkets.com\/en-asia\/wp-json\/wp\/v2\/posts\/36135","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/en-asia\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/en-asia\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/en-asia\/wp-json\/wp\/v2\/users\/62"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/en-asia\/wp-json\/wp\/v2\/comments?post=36135"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/en-asia\/wp-json\/wp\/v2\/posts\/36135\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/en-asia\/wp-json\/wp\/v2\/media\/16987"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/en-asia\/wp-json\/wp\/v2\/media?parent=36135"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/en-asia\/wp-json\/wp\/v2\/categories?post=36135"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/en-asia\/wp-json\/wp\/v2\/tags?post=36135"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}