Similarly to the SPX, the NDQ has been correcting to the downside in a wave-like fashion following, and the downward correction fits what could be described with Elliot wave. Assuming the wave hypothesis, the third wave to the downside just like the SPX began on August 16 2022. Price has currently completed the first minor wave of Wave 3 (wave 1 of Wave 3) to the downside. Price is currently undergoing an a-b-c-d-e correction of minor wave 1 of Wave 3 in a broadening wedge to complete minor wave 2. The minor wave 2 is likely to encounter a resistance at the 12586 - 12650 zone. If the resistance zone holds, that could be the start of minor wave 3 of Wave 3 (wave 3 of Wave 3) to the downside with a likely target in the 8375 - 8850 zone.