Nasdaq 100 Index Expected to Resume Downward Trajectory After Expanded Flat Structure Completes

The Nasdaq 100 index has been in a corrective phase since completing its impulsive rally from the July 30 low at 30,352.16.

This corrective pullback is unfolding as an expanded flat structure within the Elliott Wave framework, with wave ((x)) currently progressing higher.

From the completion of wave (w), wave (a) advanced to 29,811.50 before pulling back in wave (b) that ended at 28,927.25.

The index retains scope to extend higher within wave (c), which is expected to unfold in five waves before resuming its downward trajectory.