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

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.


Tags


You may also like

{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}

Commodity Futures Trading Commission: Futures and Options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. This is neither a solicitation nor an offer to Buy/Sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.

CFTC RULE 4.41 - HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.

Content on this site is for educational and entertainment purposes only. Nothing on this site should be viewed as trading advice.