• Home
  • /
  • Blog
  • /
  • NASDAQ 100 / Elliott Wave Update 11/30/2021 by Michael Filighera

NASDAQ 100 / Elliott Wave Update 11/30/2021 by Michael Filighera

Tuesday’s trade was full of volatility and acceleration.  I have updated the labeling for the NQ in that the minute wave 2 correction has been marked as complete at the 16441 high.  This then suggests that the decline which began yesterday afternoon is the start of the minute wave 3 decline.  This again is a 3 of 3 move in that the ES remains in the process of tracing out a Minor wave 3 decline off of the 16441 high from last Thursday’s globex session.  Minor wave 3 will consist of 5 waves of minute degree – of which waves 1 and 2 are complete.  Therefore the NQ is now moving lower within minute wave 3 of Minor wave 3.  I do understand it can be confusing with all the numbers and degrees – but the main point here is that the NQ is heading lower and will as seen today continue to have periods of acceleration to the downside. Support at 16070 was reached today with a solid bounce up off that level.  Expectations for tomorrow would be for the downside to continue and drop the NQ towards next stronger support at the 15979 to 15846 area.  Ultimately, the NQ has potential of reaching support at the 15389 to 15300 area before Minor wave 3 is complete.  Support and resistance has also been updated on the chart.


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.