• Home
  • /
  • Blog
  • /
  • NASDAQ 100 / Elliott Wave Update 1/13/2022 by Michael Filighera

NASDAQ 100 / Elliott Wave Update 1/13/2022 by Michael Filighera

Thursday’s trade was very revealing to our near term picture.  The NQ did give the rally a good try but it did fail.  The failure brought out several rounds of sellers which eventually swamped the four major indexes creating what I call a “Billy Graham” sell off. Back to the NQ – the market did break below a few “no break” zones the first was the break of the hourly 50 MA.  This happened just before the NQ broke below the hourly 200 MA, 20, 8 and 4 MA’s. The acceleration was already in motion as the market passed thru the 50 MA.  Next up was support at 15734 and the final break was below at 15475.  The break below 15475 did bring about the change to the current count and labeling.  While I still am looking at the entire move off of the all time high at 16768 as an Intermediate wave 4 correction it is creating a more complex structure.  I have updated the labeling off of Monday’s 15152 low from a building 5 wave structure to a 3 wave a-b-c to form an “X” wave within the larger correction.  Along with today’s breaks of support and MA’s suggests that the move is more likely to take the NQ down to support at the 14410 area.  I’ve added Fibonacci extensions to indicate support for the move down.  Again, if the market has intentions of kicking the upside into gear – it will need to do it by clearly overwhelming the sellers in size and intensity/persistence of the same degree as the sellers had today.  The NQ would need to break and close above the hourly 200 MA at 15884 to negate downside for now.

 

https://youtu.be/-qNBrkvEhOM

 

 


Tags


You may also like

{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}

Commodity Futures Trading Commission: Futures and Options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. This is neither a solicitation nor an offer to Buy/Sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.

CFTC RULE 4.41 - HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.

Content on this site is for educational and entertainment purposes only. Nothing on this site should be viewed as trading advice.