December 2, 2021

NASDAQ 100 / Elliott Wave Update 12/02/2021 by Michael Filighera

Thursday’s trade was also packed with volatility and accelerated moves in both directions.  The NQ initially moved lower  during the Globex session and the opening of the US session.  Within the opening rounds, the NQ put in a new low at 15762 which marked the completion point for the subminute wave 3.  The NQ then sprang to life and leapt higher as several rounds of strong buying moved in as it traced out the subminute wave 4.  I’ve updated the labeling which continues to track the development of the initial stages of the larger corrective decline in progress off of the all time high at 16767.  Expectations remain for the NQ to continue lower ultimately reaching the support at 15389 area before the initial leg of the correction is complete. Friday is also an options expiration where several of the heavy tech stocks will likely be more volatile as the market moves higher and lower thru strike prices.  For now upside moves should be held below 16070 to maintain the current count, with the NQ picking up the downside momentum as a subminute wave 5 down unfolds.  Support remains at 15638, 15543, and then 15389.