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The NASDAQ started the session with strong momentum, surging nearly 180 points at the highs before dramatically reversing course and fading into negative territory intraday. The sharp reversal caught many momentum traders off guard and triggered aggressive selling across several of the market’s highest-beta technology names.

Leading semiconductor momentum stocks like MU and SNDK were hit particularly hard during the reversal as traders rapidly rotated out of riskier high-growth positions.

The selloff comes at an important technical moment for the NASDAQ because the index had already exceeded one major Elliott Wave upside target while approaching another key extension level.

At this stage, the market may simply be experiencing normal profit-taking after an extended rally — but traders are also beginning to consider the possibility that a larger corrective phase could be developing.

Prior to today’s reversal, the NASDAQ had been advancing in a fairly clean impulsive structure that appeared consistent with a developing Wave 5 rally.

Earlier projections identified:

The first target near 25,550 was already surpassed, confirming that momentum remained stronger than many traders initially expected.

Wave\ 5\ Target\ 1=25,550

The market then continued pressing higher toward the larger 26,700 extension zone.

Wave\ 5\ Target\ 2=26,700

This type of behavior is common late in bullish impulsive cycles. Momentum tends to accelerate rapidly as traders chase performance, institutions continue rotating into leadership stocks, and short sellers are forced to cover positions into strength.

But late-stage rallies can also become increasingly fragile.

Once momentum begins stalling, even a small wave of selling can trigger sharp intraday reversals.

That appears to be exactly what happened during today’s session.

The biggest damage during the reversal occurred in speculative momentum names and semiconductor leaders.

MU, which had been one of the stronger AI and memory-related momentum plays, saw aggressive selling pressure as traders rushed to reduce exposure.

Meanwhile, SNDK also weakened sharply alongside the broader technology fade.

This type of market action often reveals a subtle but important shift in risk appetite.

During healthy bullish trends:

But when intraday reversals begin accelerating and leaders fail to recover, traders start becoming more cautious.

That does not automatically mean a major top is in place.

However, it does suggest momentum may be cooling after an extended run higher.

From an Elliott Wave perspective, one possible concern is that the market may have completed a five-wave advance and could now be entering the early stages of a larger Wave 2 correction.

The important phrase right now is:

At the moment, the pullback could still simply represent:

Markets frequently experience violent reversals during bullish trends before continuing higher again.

That is why confirming a larger corrective phase too early can become dangerous.

However, if the intraday fade begins accelerating aggressively and the market starts breaking key support levels with expanding downside momentum, the probability of a larger Wave 2 correction would increase substantially.

Wave 2 corrections can become sharp because they often occur immediately after strong bullish sentiment peaks.

Psychologically, these corrections create maximum confusion:

That is why monitoring the depth and speed of the current decline becomes extremely important over the next several sessions.

One of the more important developments today was not merely the selloff itself, but the speed of the reversal.

The NASDAQ went from strongly positive to negative within the same session, indicating a sudden momentum shift.

This type of reversal often signals:

Again, that does not confirm a larger bearish trend yet.

But it does suggest the easy upside momentum that fueled the recent advance may be slowing temporarily.

When markets transition from strong trend behavior into choppier conditions, traders often need to become more selective and patient.

One of the most underrated skills in trading is knowing when not to trade.

Right now, the market sits at an important technical crossroads:

That creates uncertainty.

Instead of forcing trades during unclear conditions, remaining sidelined until the structure becomes clearer can often be the smartest decision.

Patience is especially important after strong momentum environments because emotional trading tends to increase dramatically once volatility spikes.

Waiting allows traders to evaluate:

The NASDAQ experienced a sharp intraday reversal after being up nearly 180 points at session highs, with high-flying technology names like MU and SNDK leading the decline lower.

Technically, the market had already surpassed a major Wave 5 target near 25,550 and was approaching the larger 26,700extension zone before momentum abruptly faded.

At worst, this could mark the beginning of a larger Wave 2 correction after a completed five-wave advance.

But at this stage, it remains too early to confirm that scenario unless downside momentum begins accelerating much more aggressively.

For now, patience and caution appear warranted while traders wait to see whether the market stabilizes — or whether the current fade develops into something much larger.