January 26, 2022

NASDAQ 100 / Elliott Wave Update 1/26/2022 by Michael Filighera

Wednesday’s trade saw volatility get kicked up a few notches which again produced another awesome trading day.  The NQ ended up rallying right off of the closing low made during yesterday’s update.  MSFT found a strong bid and pushed back towards 300 as Globex began.  The NQ did manage to rally back to the 14200 level which did clear up the Elliott picture.  I have adjusted the labeling to reflect the end point for the minute wave 4 correction which is now at today’s 14639 high.  This then suggests that minute wave 5 is now underway.  The same Fibonacci extensions given yesterday remain valid for the expected move now underway.  Support at 13981 was touched today and remains valid moving forward.  Below that level we dropped into a “black hole” in terms of support and as seen on Monday the NQ slide to next support at the 13700 level.  That remains next support with the zone being 13706, 13682 and then 13645.  Ultimately the NQ could drop to Fibonacci support at 13374 to 13102.  A break below 13000 while possible cannot be ruled out just yet.