May 19, 2022

NASDAQ 100 / Elliott Wave Update 5/19/2022 by Michael Filighera

Thursday’s trade was to be expected as the NQ finished a quick 5 waves down to launch the minute 3rd wave down — remember the NQ remains in the process of tracing out a 3 of 3 of 3 move and is once again putting in another small wave 2 bounce. The caveat here though is the “small” wave 2 — the structure will remain an A-B-C and thus far it appears that waves A and B are complete. If this is the correct labeling a C wave up remains to be completed — Resistance for wave C comes in at 12065 to 12085, 12155 and then 12255.

Should the NQ fail from here confirmation would be received on a break below 11704 and then again at 11689. Those breaks would support the minute wave 3 is heading lower again. Support to complete the series of 3’s comes in at 11441, 11279, 11127, 10728, 10288, 10015, and then 9575.

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