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NASDAQ 100 / Elliott Wave Update 2/08/2022 by Michael Filighera

Tuesday’s trade was more enthusiastic to the upside but continues to be somewhat range bound.  The NQ reached the session low at 14467 early in the session and it began to feel as if the market would start accelerating to the downside which as discussed would give support to the NQ being in the initial stages of Minor wave 3 of “C” down.  Those thoughts were negated as the buyers flooded back into the market pushing prices back above 14600 and eventually above 14700.  This then suggested that the NQ is finishing a Minor wave 2 correction of an Intermediate wave “C” down.  Since the NQ basically remains range bound tomorrow can still go either direction.  Initially I suspect we’ll see additional upside with resistance to complete Minor wave 2 coming in at 14825 and then 14923.  The moving averages are not totally in alignment to continue a stronger move up with the hourly and daily MA’s suggesting additional weakness vs. strength.  Breakdowns from current levels should develop into acceleration quickly and move with purpose below 14468 and on down towards next support at 14090.


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