Nasdaq Forecast: Extend to 30,000?US Tech 100 CFDFOREXCOM:NAS100FOREXcomThe Nasdaq is currently respecting resistance at 29,600, aligning with the 50% Fibonacci extension of the move between the 27,500 low, 29,360 high, and 28,600 pullback low. This structure is derived from an Elliott Wave framework, suggesting the index may be approaching the latter stages of a fifth wave extension from the yearly lows. Bullish Scenario: A sustained hold above 29,600 could drive the Nasdaq toward: •29,800 (0.618 Fibonacci extension) •30,100 (0.786 extension) •30,500 (1.0 extension) The 29,800 zone (golden ratio) stands out as a key confluence level where a pullback becomes increasingly likely. Bearish Scenario: A break back below 29,300, 28,800, and 28,600 could trigger a sharp momentum unwind, potentially leading to a 1,000-point correction. Markets remain at a critical juncture. Rising oil prices, persistent inflation risks, and geopolitical uncertainty are colliding with stretched positioning in AI-driven equities. While both crude oil and the Nasdaq maintain their bullish structures, the risk of volatility is rising, particularly as new catalysts—such as the Cerebras IPO—enter an already crowded and overextended market landscape. Written by Razan Hilal, CMT