November 22, 2021

NASDAQ 100 / Elliott Wave Update 11/21/2021 by Michael Filighera

Friday’s trade produced a new all time high in the NQ at 16628 followed by a quick $95 drop before producing more of a mixed bag with upside tendencies to close out the November monthly expiration cycle. The current Elliott count also presents a mixed bag 0r an 50/50 probability of producing a strong upside move to new highs towards 16800 or a strong downside move with a break below 15896 in the cards. Under an Elliott view – the NQ is either getting ready to break higher in a 3rd wave up — or break lower in an initial 5 wave decline. I also cover resistance and support areas for both directions. A sideways move would suggest continued consolidation before the decision on direction is known.

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