February 23, 2022

NASDAQ 100 / Elliott Wave Update 2/23/2022 by Michael Filighera

Wednesday’s trade did again see an attempt from the buyers to push the NQ above yesterday’s 14108 high.  Globex managed to reach 14068, while the U.S. open managed to push to 14031.  Once the market began to decline I was able to define the minute wave 5.  Within wave 5 waves 1 and 2 are complete with subminute wave 3 possibly complete or still needing an additional small leg down.  Support at 13450 down to 13360 should at this point contain it and give us the completion point for subminute wave 3 of minute wave 5.  The expected wave 4 bounce should not give us any major surprises and be held below 13700 before the subminute wave 5 kicks in and again heads lower.  Additional support beginning at 13360 to 13260 and then 13093 to 13043 with either zone being able to contain and complete the move.  Once minute wave 5 is complete it will also complete the Minor wave 3 decline and set the stage for a Minor wave 4 corrective bounce.  This correction would have the potential to take the market back above 14000 to 14100 before the next Minor degree decline begins.