December 28, 2021

NASDAQ 100 / Elliott Wave Update 12/27/2021 by Michael Filighera

Monday’s trade was a continuation of the “year end” rally albeit under lite volume.  The NQ cruised past 16340 without any hesitation as well as 16400 and 16500 reaching 16580 before dropping back as Globex begins.  I’ve updated the Elliott count where the “alternate count” is back into “preferred” status.  The chart labeling has been updated and shows that within the Minor wave 5 advance that began off of the 15492 low from December 20th has likely completed minute waves 1, 2, and 3.  This suggests the market is likely to put in a 4th wave correction before picking up the march to additional new highs.  I have update the Fibonacci extensions for the resistance zones for Minor wave 5 and have also included Fibonacci retracements for the minute wave 4 correction.  Wave 4 has potential to drop the NQ back towards the hourly 50 MA which is at 16294.  Fibonacci support for the move is just below at 16345 and 16206.  Upside targets for the continuation of the advance comes in at 16768, 16845, and then 17036, 17214 and then 17683