In this technical article, we’ll talk about another Elliott Wave trading setup we got in the Invesco NASDAQ ETF. The ETF recently made a clear three-wave correction. The pullback completed as an Elliott Wave Double Three pattern and made a good rally. In this discussion, we will break out the Elliott Wave pattern and provide targets. Let’s start by explaining the pattern.
Elliott wave pattern double triple
Double Three is the popular style in the market. It is a reliable pattern that gives us good trading entry points with clearly defined invalidation levels.
The image below shows what a double three Elliott wave pattern looks like. It has markers (W), (X), (Y) and a 3,3,3 internal structure, which means that all these three legs are corrective sequences. Each (W) and (Y) consist of 3 flips, they have the structure A, B, C to a lesser extent, or alternatively they can have signs W, X, Y.
QQQ 4-Hour Elliott Wave Chart 11.18.2025
The ETF is forming a three-wave pullback, which is unfolding as a double-triple pattern. At the moment, we can see incomplete sequences in both cycles: from the main peak on October 29, which is called the blue (3) wave, and from the smaller cycle starting on November 12, which is called the red X. Our members know that we constantly stress the importance of incomplete sequences, because they determine the course of the market.
The structure indicates further weakness towards the isopod area at 586.28-561.62, where we look to re-enter as buyers. We expect at least a three-wave bounce from the blue box area. Once the price reaches the 50% Fibonacci retracement level against the red X connector, we will make the position risk-free by moving the stop loss to the breakeven point and book partial profits.
QQQ 4-Hour Elliott Wave Chart 11.26.2025
QQQ found buyers as expected in the blue box area, resulting in a good bounce. While above the last low 580.31 we count (4) completed blue corrections. Wave (5) could advance towards new peaks targeting the 652.32 area.
