January 24, 2022

NASDAQ 100 / Elliott Wave Update 1/24/2022 by Michael Filighera

Monday’s trade was again amazing and extremely profitable.  The volatility remained strong and that was evident to both the downside and upside moves.  The NQ initially was down big from the opening reaching a low at 13706, which I have marked as the completion point for subminute wave 5 and minute wave 3.  The screaming rally that took place off that low is likely the minute wave 4 bounce and what a bounce it is.  The NQ after being down over 700 points ended the session up over 70 points.  What can we expect from here?  I have added Fibonacci retracements for wave 4 and the NQ ha nearly reached the 38.2% level at 14583 and I can see an a-b-c structure – however I can’t count it complete just yet.  At this juncture I do need the market to tell me.  For tomorrow upside resistance remains at 14574 to 14583, 14856 and then 15120 (hourly 200 MA) to 15130.  The “no break level” is up at 15152.  A break above that level would negate the downside count and leave a Minor degree 3 wave decline in place to complete the Intermediate wave 4 correction.  Which would then the Intermediate degree wave 5 advance is in force and would again lead the NQ to new all time highs above 16768.  For now though, I’m allowing the NQ to tell me what the intentions are and where it is headed.  Support comes in at the hourly 20 MA at 14338 and then 14244 with a break there dropping support at to the 13682 level and below.