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NASDAQ 100 / Elliott Wave Update 2/20/2022 by Michael Filighera

Tensions remain high as the U.S. and Western Europe expect a Russian invasion of the Ukraine.  The military build has continued although there remains hope for a diplomatic resolution to be had.  As far as the NQ goes, the markets did open lower as Globex started on Sunday.  The NQ reached a low at 13809 and that level looks to have complete wave subminute wave 3 of minute wave 3, with a subminute wave 4 bounce now underway.  Resistance for the move comes in at 14132 but expectations would be for the high of wave 4 to come in below 14075.  Expectations remain for the NQ to again drop lower to complete the minute wave 3 before again putting in a minute 4th bounce and a 5th wave decline to complete the Minor wave 3.  Support remains at 13721, 13360, 13092, and then 12844.  Ultimately the NQ continues to have potential for a stronger drop to complete the Minor 3rd wave with support at 12188 then coming into play.


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