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NASDAQ 100 / Elliott Wave Update 10/24/2021 by Michael Filighera

Monday’s trade was deceptive at several points with the NQ initially finding small buying support, which was crushed with the NQ dropping quickly to session lows before the “big brother” of the small buying support stepped in and smacked down the selling pressure.  All in all, the buyers were quickly declared the winners with the NQ breaking to new session highs several times today.  Resistance at 15500 basically held until after lunch with a strong buying presence after the closing bell when stronger buying pushed prices towards 15546. I have updated the labeling and discuss using a “line” chart to fine tune the wave count.  The NQ does continue to carry a higher probability of reaching above 15709 with two zones now likely to be reached.  The first 15709 to  15805 and the second at 15940 to 16025.  The volatility is also back, which will continue to deceive as it flies in both directions.  Trend should remain up for tomorrow suggesting pull back will be shallow’ish.  AMD, MSFT, and GOOGL report Tuesday after the close.

 


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