March 13, 2022

NASDAQ 100 / Elliott Wave Update 3/13/2022 by Michael Filighera

Sunday’s Globex session thus far has been a slight rally with the NQ reaching a high at 13399 thus far.  It wasn’t a surprise after Friday’s trade consisting of 9 hourly red bars of selling.  Yes, there were upside moves within those hours but on a closing basis the hourly chart registered 9 red bars down.  However, just before the selling started the NQ did manage to race up to 13858 also during Globex.  It is this high that I have moved the completion point for the minute wave 2.  I do feel more confident that minute wave 3 is now unfolding with Friday’s selling giving strong support to this being the case.  For now I would be looking for another small leg up to resistance at 13426 with potential to get up to Fibonacci resistance at 13498.  If though the NQ breaks below 13277 it would suggest that the small subminute wave 2 is complete and the minute wave 3 is progressing lower again.  Support for the decline comes in at 13214, 13063, 12950, 12848, 12570, 12266, 12078 and then 11774.  The lower support levels remain in play to complete the minute wave 3 and also Minor wave 3.  Also, in force at the moment is an Intermediate wave 3.  Intermediate wave 3 does project down to support 11450, 11000, and then 10273 before completing.  The conclusion would be that there is plenty of downside movement to complete before a larger more sustained rally would be expected.  Also please keep an eye on volatility — with the volatility above 30 as measured by the VIX signals that moves to the downside and upside will be fast and move greater than might be expected.