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NASDAQ 100 / Elliott Wave Update 3/21/2022 by Michael Filighera

Monday’s trade did not move outside of any parameters set with yesterday’s analysis.  The NQ did manage to move to a new high for the sequence at 14467 before starting to decline.  Initially I was looking for the formation of 5 waves down on the hourly chart and felt the NQ was off to a good start in putting that in.  However, it bounced off of the hourly 50 MA and then rallied into the close which leaves a 3 wave pattern down thus far.  That does leave the potential for continued upside before the Minor wave 2 correction is complete, which keeps the potential alive for a move above 14467 and then above 14500.  Fibonacci resistance comes in at 14644 and then 14845.  Downside would need to be confirmed by a stronger break below the hourly 50 MA at 14218 and then support at 14024.  Confirmation of the Minor wave 3 being in force would be the formation of 5 waves down on the hourly chart which would include a solid break below the hourly 200 MA.


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