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NASDAQ 100 / Elliott Wave Update 1/11/2022 by Michael Filighera

Tuesday’s trade was again very much in line with expectations for the current Elliott count.  I’ve updated the chart labeling for the NQ to include the completion points for Minor waves 1 and 2 of the Intermediate wave 5 advance in progress.  This morning’s low marked the completion point for Minor wave 2.  The rally did reach initial Fibonacci resistance at 15836 as the Minor wave 3 rally kicked in.  I again review the Elliott count in detail along with expectations for the continuation of wave 3 as it subdivides.  I include Fibonacci levels for both the upside and downside.   Today’s closing high at 15839 likely completed or nearly so wave 1 of 3, which suggests a wave 2 of 3 correction should be about ready to kick in.   Support for the correction from current levels (15825) comes in at 15745 and 15687, 15663, and then 15608.  Resistance comes in at 15887, 15934, and then 16060 to 16200 which could be expected to complete wave 3 of 3.

 


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