The Nasdaq (NQ100) has shown an impressive bullish impulse since the beginning of April 2026. In just 6 weeks, the NQ100 climbed from 24,750 to almost 29,500 for an approximate gain of 19%. Impressive. Now the main question is: can the NQ100 extend those gains? Let’s review it.
Daily chart
Break below Monday’s low
Price action is making a bearish pullback at the moment. The break below Monday’s low (orange box) is confirming a retest of the ET zone 8.
Let’s review the main scenarios:
- A bearish break, pullback, and decline is the main expected scenario for the upcoming 1-2 weeks (orange arrows).
- The bearish retracement could see price fall towards the support around 28,000-28,250, which is aligned with the 21 ema zone of the daily chart.
- An uptrend continuation and a new higher high (green arrows) within a wave 345 (pink) is expected considering the strong bullish impulse since the start of April.
- An immediate bullish uptrend might be possible but this scenario would only make sense after price bounces at the 21 ema, breaks through resistance, and rallies (blue arrows).
Four-hour chart
Retest 21 EMA after exhaustion signals
The four-hour chart showed signs of exhaustion according to our template (orange box). The EX signs above the 4 candles show loss of momentum before price action started to make a bearish pullback.
Let’s analyse the path of least resistance:
- Price action is testing the 21 ema zone, which is a key decision zone.
- A bullish bounce is expected (green arrow).
- But a larger bearish pullback should take price action back to the 144 ema (orange arrows).
- An ABC (purple) pattern is expected within wave 4 (pink).
- Once price completes the correction, a continuation of the uptrend could see price move higher for a wave 5 (pink) and a new higher high (blue arrow).
An uptrend continuation remains likely as long as price action remains above the 144-233 ema zone on the 4 hour chart.
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