December 28, 2021

NASDAQ 100 / Elliott Wave Update 12/28/2021 by Michael Filighera

Tuesday’s Globex trade produced an additional new high for the NQ at 16659 which I have now labeled as the completion point for the minute 3rd wave, with the expected 4th wave correction still underway. The pattern thus far does reveal a small 3 wave decline to the low at 16452.  However, the rally off the low has also produced 3 waves up which leads me to conclude that the 4th wave still needs a “C” wave decline before completing.  Support remains at 16439 to 16410 and at this stage I would suspect this zone will contain and complete the balance of wave 4.  Expectations remain in place for the NQ to break to new highs above 16659 with resistance coming in at 16845, 17036 to 17214 and then 17683.