January 19, 2022

NASDAQ 100 / Elliott Wave Update 1/18/2022 by Michael Filighera

Tuesday’s trade produced the bulk of the minute wave 3 of Minor C. The NQ did break below support at 15261 and appears to need an additional leg down before the subminute wave 3 is complete. Support remains below at 15077 and then the Daily 200 MA at 14959 to 14947 to 14825. Once complete expectations would be for a subminute 4th wave bounce which at this juncture would likely be held below 15170 to 15250. Minute wave 3 is still expected to drop the NQ to support at 14501 to 14410, with potential for a stronger decline to support at 14145. Again, once complete we should see a bit larger minute 4th wave correction and once wave 3 is complete I will be able to supply Fibonacci retracements for wave 4. Ultimately though, the NQ carries potential for dropping towards 13925 to 13569 before the larger Intermediate wave 4 correction is complete.

- SINCE 2002 -

NinjaTrader® is a registered trademark of NinjaTrader Group, LLC. No NinjaTrader company has any affiliation with the owner, developer, or provider of the products or services described herein, or any interest, ownership or otherwise, in any such product or service, or endorses, recommends or approves any such product or service.

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.