October 27, 2021

NASDAQ 100 / Elliott Wave Update 10/27/ 2021 by Michael Filighera

Wednesday’s trade mirrored Tuesday’s in that the NQ ran to new all time highs at 15717.25 while the ES failed in its rally attempts and moved lower.  The NQ did produce its “obligatory” sell off of $100 along with some acceleration during the last hour of trade.  I have updated the Elliott labeling which reflects the 15717 high as being the completion point for the Intermediate degree “B” wave.  This then suggests that the NQ is in the initial stages of an Intermediate degree “C” wave decline.  If this is the case I would expect some stronger selling to begin with stronger periods of acceleration.  Having said all that I can’t rule out the NQ turning and again heading higher in an attempt to break to new highs above 15717 and on up to 16000.  There are several resistance levels along the way and if this is on the ‘menu’ for tomorrow the buyers should be able to over power the sellers to prove their intent.  Downside support price wise comes in at 15558, 15507, 15450, 15397, and 15360, which is also where the hourly 200 MA sits on the close.  I also give additional downside support levels for wave “C”.