December 6, 2021

NASDAQ 100 / Elliott Wave Update 12/05/2021 by Michael Filighera

Friday’s trade saw a continuation of the decline with the NQ leading the way lower.  Friday’s low looks to have marked the completion point for the minute wave 3 setting the stage for a minute 4th wave bounce.  Resistance for wave 4 begins at 15743 and then 15875.  The structure should be an A-B-C where wave A is a rally, B a decline, and wave C a rally.  The hourly 20 MA is currently  at 15800 and that should assist in putting some resistance out there to slow the advance if not stop it.  Expectations for tomorrow would be for the minute 4th wave to remain in force and once complete for the resumption of the decline as minute wave 5 unfolds. Support for the larger Minor wave 3 decline remains at 15375, 15315, and then 15125.