• Home
  • /
  • NASDAQ 100 / Elliott Wave Update 3/08/2022 by Michael Filighera

NASDAQ 100 / Elliott Wave Update 3/08/2022 by Michael Filighera

Tuesday’s trade was extremely volatile in the speed at which the markets moved in both directions.  The NQ started with a small rally followed by a dip back towards the 13103 low from the Globex session.  The blast out off of the low took the NQ from negative to positive over 300 points.  The move itself produced a 3 wave structure which is what I was looking for.  However, when I attempted to accept it as a 4th wave it was too big.  Taking a step back I reworked the labeling and have made adjustments to reflect what I believe the NQ is doing.  Therefore, the 13103 low is now the completion point for the minute wave 1 with today’s 13665 high being the completion point for minute wave 2.  So, here we are again at the juncture of a larger accelerated decline.  The highs were rejected by the market twice with the close being back below 13200.  I have updated the Fibonacci extensions to reflect the probable path for minute wave 3.  Support for the decline begins at 13170, 13018, 12865, 12752, 12647 and then 12354.  The lower end of the zones is where I believe minute 3 will complete.  The larger Minor wave 3 in force is likely to find support to complete at 12064, 11875, 11577 and then 11095.  With the volatility likely to continue to kick up several notches be careful on trades. The swings are quick and larger than usual.


Tags


You may also like

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

What is your biggest Trade Killer?

Use the Trader Test to find out:

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.