December 21, 2021

NASDAQ 100 / Elliott Wave update 12/21/2021 by Michael Filighera

Tuesday’s trade finally saw the Santa rally after a early push lower.  I have adjusted the labeling in that the low at 15492 is now the completion point for minute wave 1 of “C” with minute wave 2 of “C” still in progress.  Additional resistance to complete wave 2 comes in at 15988, 16070, 16150 to 16170, and then 16281.  Wave 2 can retrace nearly 100% of wave 1, but it can not exceed the start point for wave 1 which is 16456.  For now the expectation is that resistance under 16170 will contain and complete wave 2 and yield to the star of Minute wave 3. Expectations for wave 3 are for the NQ to drop below 15492 and down into support that begins at 15232, 14943 to 14765 and then 14476 to 14370.