November 29, 2021

NASDAQ 100 / Elliott Wave Update 11/29/2021 by Michael Filighera

Monday’s trade was more or less an extension of the buying/short covering that began at Sunday’s Globex opening.  I had laid out parameters for a small wave 2 bounce and for the most part the NQ did manage to adhere to the “rules”.  We did get a small break above the 16436 high but I’m for now allowing it due to the bar not closing above that level.  So while I can count the small wave 2 bounce as complete at the 16437 high it would be premature to do so.  It appears that the NQ has other reasons to continue higher none of which are likely tied to any news or reality.  Once again it is the same group of titans in the NQ that are producing the bulk of the upside pressure.  For tomorrow then, should the market break with the hourly bar closing above 16437 it would negate the current count as labeled and raise the potential for the NQ pushing to new highs above 16767.  I lay out the potential Elliott count should the break higher occur.  Also included are new Fibonacci extensions again to be used on a break above 16437.  There is also an additional labeling possibility and that is off of the all time highs at 16767 the NQ has produced an A-B-C decline to Friday’s low at 16170, which would get labeled as a Minor wave A – the rally still in progress would then be a Minor wave B. Suggesting a Minor wave C decline would be expected once the B wave is complete.  Should that be the count – I will fill in the details and support and resistance for the moves.