• Home
  • /
  • Blog
  • /
  • NASDAQ 100 / Elliott Wave Update 2/14/2022 by Michael Filighera

NASDAQ 100 / Elliott Wave Update 2/14/2022 by Michael Filighera

Monday’s trade was less volatile than what was seen last week, but still included some strong rallies and declines.  The NQ did manage to drop to a new low during Globex at 14031, which is best viewed as being the completion point for the minute wave 3.  This suggests that today’s action during the U.S. session was most of the expected minute 4th wave bounce.  It appears that the NQ will need a bit more rally before the move is complete with resistance coming in at 14388 to 14425, which I would believe could contain the move.  The hourly 50 MA is just above at 14401 and again at this point I would not be expecting a stronger move to reach too far above the 50 MA.  Once wave 4 is complete the NQ is still expected to drop again under a minute wave 5 decline.  Support for the move can be estimated to come in at 14003, 13884, 13766, 13721, 13678, and then 13381 to 13359.


Tags


You may also like

{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}

Commodity Futures Trading Commission: Futures and Options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. This is neither a solicitation nor an offer to Buy/Sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.

CFTC RULE 4.41 - HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.

Content on this site is for educational and entertainment purposes only. Nothing on this site should be viewed as trading advice.