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QQQ faces support test as Elliott Wave calls for downside to $684
The analysis sets an extreme Fibonacci target zone between $646 and $684 and says a break below $686.76 would confirm the correction is extending.
Action Forex presents a short term Elliott Wave view for the Nasdaq 100 ETF, QQQ, saying the ETF is still correcting the cycle that began at the March 30, 2026 low and followed the decline from the June 3, 2026 all time high.
The outlet defines an “extreme target zone” using a 100% to 161.8% Fibonacci extension, placing the next logical support cluster between $646 and $684, while also describing the pullback as a “double three” structure.
According to the same technical count, wave (w) ended at $697.86, the counter trend rally in wave (x) peaked at $726.40, and the later decline in wave (y) produced a wave w low at $686.76, followed by another rally in wave x that ended at $705.80.
The piece says a break beneath $686.76 is needed to confirm the correction is extending as a double sequence, and it highlights a near term pivot at $737.72, suggesting rallies could fail as long as that level holds, keeping focus on the $684 area.
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