February 2, 2022

NASDAQ 100 / Elliott Wave Update 2/01/2022 by Michael Filighera

Tuesday’s trade was a bit slower volatility wise but still profitable.  The NQ did maintain the upside move with the market break above 14900 and the close above 15000.  Once GOOGL reported earnings exceeding expectations by over $4 and the stock rallied over 200 points the NQ jumped above 15100 reaching 15137 before pulling back on earnings from Paypal.  I have updated the count and labeling based on the move putting the completion point for the Intermediate wave 4 correction at the low from Friday at 13831.  Minute wave 5 and in turn Minor wave “c” ended in a “failure” in that the market did not break below 13706 as expected.  The failure in a 4th wave position is not that unusual as it does suggest the underlying strength was building on the anticipated earnings reports which then proved to be well founded.  In any case, Intermediate wave 5, an advance, is now underway.  Expectations would be for the NQ to break to new all time highs above 16768.  I have included Fibonacci extensions for wave 5 as well.  For tomorrow, expectations would be for the advance to continue with resistance to complete the first leg up coming in at 15183, 15290, 15369 and then 15442 to 15637.