March 1, 2022

NASDAQ 100 / Elliott Wave Update 3/01/2022 by Michael Filighera

Tuesday’s trade continues to provide enough volatility to produce solid trading opportunities in both directions.  The NQ reached a high at 14327 during the Globex session and at the moment I’m marking it as the completion point for the Minor wave 2 bounce.  The turn lower then is likely the first wave down within a larger Minor wave 3.  At this stage though, while expectations would be for the decline to continue and break below 13800 and 13700 without much trouble, should the NQ rally back above the 200, 50, and 20 MA’s it would leave a 3 wave structure down from 14327 to 13900, and suggest that another run up to resistance at 14406 was in progress.  The buyers are still willing to step in with some degree of force to push the NQ easily up off the lows.  If, the decline picks up steam overnight look for a break below 13879 and then again at 13800 with the market likely heading towards 13683 as the larger Minor 3 decline drops in a “3 of 3 ” move.