February 9, 2022

NASDAQ 100 / Elliott Wave Update 2/09/2022 by Michael Filighera

Wednesday’s trade continued higher with higher volumes.  The trade was for the most part was two way and again the volatility remained high and provided solid upside and downside moves.  It was a profitable day.  The NQ continued higher reaching upside resistance at 14923 and 15030.  As I have discussed before,  a move above 14923 or 15030 does not negate the Intermediate wave B count currently in force.  It does however, produce an adjustment to the internal count of wave “C” of B.  This being said I have always included the additional Fibonacci extensions which remain at 15096, 15201, 15244, 15378 and then 15552.  At this juncture I can’t rule out a continued rally reaching 15600 to 15929.  I will also add that under Elliott guidelines “B” waves can retrace nearly all of wave A and can be deceptive just before completing and a more powerful “C” wave starts to unfold.  For Thursday, the latest CPI and jobless claim numbers are due out before the opening.  This I feel will undoubtedly set the tone for the session.  Before, though, the NQ can continue to climb during the Globex session resistance levels remain as stated above.  Support for now remains in line to where the MA’s on the hourly chart are sitting.  Support then should be found at 14992, 14911, 14808, 14732, 14641, 14575, and then 14468.