The Nasdaq 100 remains under pressure, but the current decline may be approaching completion as price moves toward the key 28,000 support area. From an Elliott Wave perspective, the index could be forming the final fifth wave of a bearish impulse.

According to Elliott Wave theory, a five-wave impulsive decline is commonly followed by a corrective rally, often unfolding in an A-B-C structure. Therefore, if support holds and the five-wave decline completes, we could see the Nasdaq 100 stabilize and recover toward the 30,000 area.

However, confirmation is still needed. A decisive break below 28,000 would weaken this scenario and suggest that further downside may remain ahead.

Disclaimer:This article represents the opinion of the author only. It does not represent the opinion of Webull, nor should it be viewed as an indication that Webull either agrees with or confirms the truthfulness or accuracy of the information. It should not be considered as investment advice from Webull or anyone else, nor should it be used as the basis of any investment decision.