March 20, 2022

NASDAQ 100 / Elliott Wave Update 3/20/2022 by Michael Filighera

Sunday’s globex session is starting basically flat to slightly lower.  Friday’s trade was again astounding in what traders were willing to do for the monthly expiration.  I discuss this expiration in tonight’s update.  The NQ did break above 14391 on Friday, which did negate the count as presented and as I have previously discussed it brought up one of the alternate views, which is now moved to preferred status.  Simply stated, the Minor wave 2 remains in force with the high at 14391 being the completion point for wave a of 2, the 12942 low being the completion point for an irregular wave b of 2 with the rally off of last Tuesday’s low being most if not all of wave c of 2.  As I discuss in the update at this juncture I have no signals or hints that the top is in and the sellers are back in force.  Therefore, I have added an adjusted Fibonacci extension for wave “c” of 2.  Resistance levels are included in tonight’s update.  The next alternate view also previously discussed would kick in on a break above 15253.  A clean break above this level would suggest that the Elliott count is an Intermediate degree A, B, and C wave are complete to complete a Primary degree A wave.  Intermediate A would be complete at 13706, wave B at 15253, and wave C at 12943, which would also mark the finishing point for the Primary A wave.  Again, this is the alternate view for now.