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

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.


Tags


You may also like

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

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.