November 29, 2021

NASDAQ 100 / Elliott Wave Update 11/28/2021

Globex trade on Thursday pulled the NQ higher and to the end point for Minor wave 2.  This then opened the door for the Minor 3rd wave now underway.  As the new variant “Omicron” takes over the headlines, the market will attempt to deal with the volatility.  Sunday’s Globex opening is proving to be a mad dash to cover “shorts” as Friday’s expiration gets digested with positions being squared on Sunday.  Technically, a bounce should not be a surprise and fits well with the wave structure now underway.  Friday’s low at 15987 looks to have completed minute wave 1 of Minor 3, with the NQ now tracing out a wave 2 of 3 bounce.  Resistance at 16158 has already been reached and slightly exceeded with next resistance coming in at 16210 and then 16265 to 16305.  If the current count remains accurate expectations would be for the downside to resume as the NQ drops into a 3 of 3 move down.  Acceleration would be likely and expected on a break below 15987.  Additional support is given as well as resistance.