Eyeing 16,000 On NDX

This continued push higher in the Nasdaq 100 is boding well for the primary path and a continued push up over the 16,000 zone in the NDX.

With the consolidation and break over the 15,328 upper pivot level, we can now focus on the next key fib at the 15,603 level.  This represents the 100% extension of the wave 1 up off of the June lows. Moving through this level would give us the next level of confirmation that we have indeed formed a bottom and are pushing up over 16,000. 

I will note that we ideally should see a small pullback before we see that direct breakout of that level. However, given how "nested" this setup is, I would not be surprised if that pullback was small. In either case, any pullback from here should hold over the 14,975 level. This level will move up should we continue to grind higher from current levels. 

If we move below that 14,975 level and then below the 14,595 level, then it would open the door to the larger degree top of the wave ((i)) being in place, at which point the wave ((ii)) pullback could take some time to complete before finding a bottom.

For now, however, and as long as we continue to hold support I will look higher in the near term to finish off the pattern which still looks incomplete off of the lows.

NQ 8256 60m
NQ 8256 60m
$NDX.X - 21m Analysis Alt - Aug-25 0649 AM (1 hour)
$NDX.X - 21m Analysis Alt - Aug-25 0649 AM (1 hour)
Michael Golembesky is a senior analyst at ElliottWaveTrader covering US Indices, the US Dollar, and the VIX. He contributes frequently to Avi's Market Alerts service at EWT while also hosting his own VIX Trading service.