NQ has the look of a mature impulsive structure entering thin aiE-mini Nasdaq-100 FuturesCME_MINI_DL:NQ1!Batsman-EdwardThe rally off the April low unfolded in a remarkably clean 1–2–3–4 sequence, but the current advance is beginning to show classic late-stage characteristics: increasingly vertical price action, compressed pullbacks, and deteriorating internal momentum. Most notably, hourly MAC momentum is now diverging against price at fresh highs. That does not guarantee an immediate reversal. Fifth waves can still squeeze marginally higher as positioning and emotion reach their terminal expression. But structurally, the texture has changed. Earlier advances expanded with rhythm and participation. This leg feels more reflexive, more fragile, more dependent on momentum continuation itself. The market is still levitating.