• Home
  • /
  • NASDAQ 100 / Elliott Wave Update 12/20/2021 by Michael Filighera

NASDAQ 100 / Elliott Wave Update 12/20/2021 by Michael Filighera

Monday’s trade was inline with current analysis for the NQ.  Initially the market did produce some stronger “choppiness” as buyers and sellers struggled for control.  The sellers did gain the upper hand with the NQ producing an additional low under 15000 at 14992.  I have updated the Elliott labeling to reflect what has taken place as the Minor “C” wave continues.  Thus far Friday’s 15652 low completed minute wave 1 with Friday’s high at 15956 being the completion point for minute wave 2.  From this point the NQ began dropping in a minute 3rd wave down.  Wave 3 is subdividing with wave 1 of 3 likely complete at the globex low at 15503.  This suggests that wave 2 of 3 remain in progress appearing to need additional upside before completing.  Resistance comes in at 15745, (the hourly 50 MA) and then 15800.  Once complete expectations would be for the NQ to again move lower in a “3 of 3” move breaking easily back below 15500 and heading towards next support at 15231.


Tags


You may also like

{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}

What is your biggest Trade Killer?

Use the Trader Test to find out:

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.