November 16, 2021

NASDAQ 100 / Elliott Wave Update 11/16/2021 by Michael Filighera

Tuesday’s trade was basically a repeat of several days in the past week.  The NQ did break back above 16200 and then again above 16300 and appeared on its way to 16336 resistance but was stopped 14 points shy.  I’ve updated the labeling by moving the Minor wave 4 completion point back to 15896 and to show the progress of the Minor wave 5 advance still underway.  There may be an adjustment or two as the NQ continues to unfold within Minor wave 5 and the biggest change that could be in play would be where I’ve labeled Monday’s globex high as the completion point for wave 1 of 3.  With the Fibonacci extensions for Minor wave 5 continuing to allow for an eventual high towards 16800 to 1700 – the minute wave 3 may be subdividing with Monday’s high being the completion of wave 1 of 3, which would then change the 16082 low to wave 2 of 3 and the rally today being part of wave 3 of 3.  I leave that out there as potentially being the case.  The market of course will ultimately let us know.  For now though I am expecting additional upside for tomorrow with a move to 16336 resistance followed by a pullback and then an additional move to new highs above 16448 higher.  Resistance remains at 16336, 16400 to 16448, 16500, 16608 and then 16828 to 1708. A break below 16132 and the hourly 200 MA would likely negate the upside view for now with a break below 15896 confirming the highs are in for now.