Nasdaq (QQQ) Daily: Elliott Wave Completion & Correction Risk

### Market Structure Overview

The Nasdaq (QQQ) has been in a strong bullish trend since the 2022 low, forming what appears to be a complete Elliott Wave five-wave structure on the daily timeframe.
After nearly three years of sustained upside momentum, price is now consolidating near the highs rather than extending impulsively.

This behavior often signals a transition phase, where the market shifts from trend expansion to consolidation or correction.

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### Price Action & Trend Behavior

Following the recent peak, price has moved sideways and formed a tightening structure that resembles a triangular consolidation.
When compression appears after a mature impulse move, it often precedes a broader corrective phase rather than immediate trend continuation.

From a structural perspective, the most important level to monitor is **580.74**.
A daily close below this level would strongly suggest a bearish shift and confirm downside momentum.

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### Moving Averages Context

The distance between short-term and long-term moving averages expanded significantly during the prior rally.
Such extended separation is typically followed by mean reversion, either through prolonged consolidation or a corrective decline.

Recent price action shows slowing momentum as shorter-term averages flatten and begin converging, reinforcing the idea that upside strength is weakening.

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### Outlook

If price fails to reclaim the upper trend channel and instead breaks below the consolidation low, the Nasdaq may be entering the **A-wave of a broader ABC corrective structure**.
Until a decisive breakout or breakdown occurs, this zone should be treated as a transition phase rather than a clean trending environment.

For a more detailed breakdown with additional charts and broader market context,
the full analysis is available on my blog:

👉 atelier2580.tistory.com/115 QQQ QQQ