February 22, 2022

NASDAQ 100 / Elliott Wave Update 2/21/2022 by Michael Filighera

Sunday’s globex session did reach resistance to complete the 2nd series of 4th and 5th waves with subminute wave 4 completing at 14157 and subminute wave 5 now underway.  The markets gapped lower on the globex opening with the NQ reaching lower support at the 13570 area before bouncing a bit.  That level remains active for now, but the potential for a continued drop before subminute wave 5 is complete remains strong.  Next support comes in at 13502 and then the zone that may complete the sequence coming at 13360 to 13325.  It is at this level that minute wave 3 would be complete and set the stage for a minute 4th and 5th wave sequence.  Ultimately, the NQ is still expected to reach lower levels with support continuing at 13128, 13092, 13006 and then 12492 to 12188 to complete the larger Minor wave 3 decline.