12:30PM ET $TQQQ $QQQ $COMPQ Elliott Wave Update — ending diagonal forming?

## NASDAQ 12:30 PM Elliott Wave Update

As of 12:30 PM, the NASDAQ Composite Index continues to exhibit patterns consistent with a corrective C wave within the Elliott Wave framework. The market has already navigated through waves 1, 2, 3, and 4 down, and there is a developing potential for an ending diagonal formation, which could signal a reversal.

### Current Elliott Wave Structure

In Elliott Wave Theory, a C wave typically represents the final leg of a corrective phase. The current structure suggests that the NASDAQ is in the latter stages of this C wave. The market has traced out the first four waves (1–2–3–4) down within this pattern, indicating a potentially exhausted selling phase.

An ending diagonal, characterized by overlapping waves and a narrowing price range, often occurs in the fifth wave of a motive or corrective sequence. This pattern can signal that a trend is nearing its conclusion, setting the stage for a reversal.

### Key Levels and Potential Movements

To confirm the ending diagonal pattern, we would expect a minor bounce forming a D wave up, followed by an E wave that could potentially retest the crucial support zone around 17,000–17,050. This zone is significant as it…