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NASDAQ 100 / Elliott Wave Update 11/10/2021 by Michael Filighera

Wednesday’s trade gave additional support to the highs being in place to complete several degrees of advance and setting the stage for the start of the expected larger degree correction.  The labeling changes I’ve made are showing strong support that the trend change has started.  As always the degree of change make take more than 3 days to be believed but I suspect the phrase #supportisfutile will gain in popularity. The NQ did initially put in a convincing head-fake to the upside on the opening reaching 16221. Once the sellers moved back in the downside picked up some intensity by dropping 325 points and breaking and closing below the hourly 200 MA.  The bounce off the low at 15896 has brought the NQ back towards 15900 which remains 180 points below the hourly 200 MA.  I updated the labeling which reflects a Minor degree 5 wave decline underway to kick off the correction.  Expectations would be for a new low under 15896 to occur first before another bounce higher followed by an additional drop towards 15768 to complete Minor wave 3.


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