December 12, 2021

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

Friday’s expiration trade kept the volatility moving in both directions.  The NQ traded in a more narrow range than of late, but the upward momentum that is carrying over as the Globex session begins is a more positive note for the upside to continue.  The probability scale though, remains at 50/50 on direction.  Upside needs to pick up the pace get back above 16372 and then 16438 to clear last weeks high and mount a more sustainable rally towards next resistance at 16630.  Downside from current levels would also need to prove itself by beginning to break below the hourly  20 and 50 MA.  That would set the stage for a continued drop with the hourly 200 MA next in line at 16185’ish.  Fibonacci support lies below at 16052, with the “no break level” at 15809.