Elliott Wave analysis warns the Nasdaq-100 may face a sharp downside move if key 24,000 support breaks, with GDP, PCE and options expiration acting as catalysts. A final bullish wave to new highs remains possible after a corrective decline.

The Q4 GDPNow estimate dropped to 3.0% from 3.6% as a surging trade deficit shaved 0.6 percentage points off the forecast. Resilient services spending remains a pillar of growth ahead of tomorrow's official BEA report.