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The NASDAQ continues to display one of the strongest momentum structures in the entire global market, with buyers aggressively stepping back into technology leadership after yesterday’s retracement was completely absorbed by today’s powerful gap higher.

What makes the current setup especially significant from an Elliott Wave perspective is that the NASDAQ has already surpassed the traditional Wave 1 = Wave 5 target near 25,550, confirming that momentum remains substantially stronger than a standard fifth-wave advance.

Now, attention is shifting toward the next major Fibonacci projection:

At this stage, the NASDAQ is behaving less like a mature exhausted rally and more like a market entering an acceleration phase.

One of the most bullish developments in the recent structure was the market’s response to yesterday’s pullback.

The retracement initially appeared concerning because:

However, instead of following through to the downside, today’s session completely reversed the weakness with a strong upside gap.

That type of behavior is extremely important in Elliott Wave analysis because:

The fact that the retracement was swallowed up so rapidly strongly suggests that underlying demand remains exceptionally strong.

Earlier in the rally, one of the major upside targets was based on the traditional Elliott Wave relationship where:

That projection targeted approximately 25,550.

Wave\ 1=Wave\ 5\rightarrow 25550

The NASDAQ has already blasted through that level, which is a very important development.

Why?

Because when markets exceed standard fifth-wave projections, it often signals:

This is exactly why traders are now shifting attention toward much larger Fibonacci extension targets.

The next key projection comes from the relationship:

That structure targets approximately 26,700+.

0.618\times W1+W3\rightarrow 26700

This level now becomes one of the most important resistance zones in the current market structure.

Why is it significant?

Because:

If the NASDAQ approaches 26,700 with continued momentum strength, it would further confirm that the broader technology rally remains structurally powerful.

Perhaps the most important aspect of the current setup is what happens if the NASDAQ decisively clears the 26,700 area.

If that breakout occurs cleanly, the market could transition into a much larger Elliott Wave extension phase.

The next major projection would then become:

1.618\times W3\rightarrow 30388

In Elliott Wave theory, extended third waves are often:

Historically, third-wave extensions are where markets become dramatically more aggressive than most participants expect.

If the NASDAQ truly enters a 1.618 third-wave extension, the move could become substantially more explosive than current consensus expectations.

The engine behind the NASDAQ’s strength remains:

Many of the market’s largest technology names continue displaying:

As long as leadership remains intact, the NASDAQ can continue outperforming broader indices.

This is particularly important because major market tops usually require:

Currently, those characteristics remain limited.

One of the biggest mistakes traders make during powerful rallies is assuming markets “must” correct simply because prices have moved sharply higher.

But strong third-wave environments often:

That is exactly what appears to be developing now.

Yesterday’s retracement looked potentially dangerous at first — yet buyers immediately overwhelmed the weakness.

That behavior is typical of markets still in strong impulsive phases.

Despite the bullish structure, traders should still remain disciplined.

Momentum markets can reverse sharply once:

That is why monitoring reactions around:

will be extremely important.

These are not just arbitrary numbers — they are key structural levels within the broader Elliott Wave framework.

The NASDAQ continues displaying exceptional momentum strength after completely rejecting yesterday’s retracement with a powerful upside gap.

The market has already surpassed the traditional:

and now appears to be targeting:

If the NASDAQ can decisively clear that level, the next major Elliott Wave projection expands dramatically toward:

At this stage, momentum remains firmly in control, and the broader structure still appears impulsively bullish rather than exhausted.