January 27, 2022

NASDAQ 100 / Elliott Wave Update 1/27/2022 by Michael Filighera

Thursday’s trade was again volatile and profitable.  Not as easy to trade though with today seeing many quick pushes lower and higher.  The Elliott count I’m currently tracking remains the same in that yesterday’s high at 14639 remains the completion point for the minute wave 4 of Minor wave “C”.  This then suggests that the a minute wave 5 decline is underway with last night’s Globex low at 13844 being the completion point for wave 1 of 5 and then rally to today’s high art 14409 being wave 2 of 5. If this remains the case, the NQ is now declining in wave 3 of 5.  There is a caveat though and that is AAPL’s earnings were reported today and while they didn’t necessary “blow the doors off” APPL did beat expectations on revenue and EPS.  The stock did rally back to 165 with the NQ pushing back above 14100.  The alternate view I’m tracking allows for the minute wave 4 to still be in progress and now forming a “double A-B-C”.  If this is the case the 14639 high would be the completion point for the first A-B-C with the decline to the Globex low at 13844 being the “X” wave.  The rally to today’s 14409 high would be the completion point for the second “A” wave with the second “B” wave complete at today’s 13945 low.  Wave “C” then is now underway and carries the potential for break above 14410 and on up towards the 14639 high and the hourly 200 MA at 14665.  The market should make that clear for us tomorrow.  Support and Resistance is again included in tonight’s update.