November 23, 2021

NASDAQ 100 / Elliott Wave Update 11/23/2021 by Michael Filighera

Tuesday’s trade was solid two way trade with high volumes.  Off of yesterday’s high at 16768 the NQ appears to have completed 5 waves down on the hourly chart.  Remember this is what I look for to give support and confirmation that the high(s) are in and the next corrective phase is underway.  I have updated the chart to reflect the move and labeled it as Minor wave 1 down, with the actual 5 waves down being of a minute degree.  From here expectations are for a Minor wave 2 bounce to unfold.  Thus far I can count off of today’s 16118 low an a-b-c up reaching 16318.  While wave 2 could be complete at that high I’m giving the benefit of the doubt to the NQ continuing to retrace higher likely reaching 16442 to 16575 in the process.  There are a large number of economic numbers coming out tomorrow – 4 before the opening and 4 between 10 and 10:30 AM.  All can be potential market movers.  And as a group can produce a stronger reaction in either direction.  A break below 16118 would give added support to the next leg down being underway.  Trade smart – use good risk management strategies – use the MA’s as guides for entry and exits – use the Fibonacci retracements and extensions also for support and resistance levels – and use the Elliott levels.