March 23, 2022

NASDAQ 100 / Elliott Wave Update 3/23/2022 by Michael Filighera

Wednesday’s trade saw the battle lines being drawn between the buyers and sellers.  The NQ saw some initial follow through to the downside on the opening but once the hourly 50 MA was tested at the morning low at 14460, the buyers moved in and rallied the NQ to session highs at 14680.  Thus the battle line was drawn at the hourly 50 MA at 14460.  The 14460 level was tested twice and produced solid bounces off of the 50 MA before the sellers moved in and pushed the NQ to session lows at 14440 into the close.  I still can’t definitely call the top of Minor wave 2 at the 14691 high.  At best currently the high may be in with Minor wave 3 in its beginning stages with the market possibly tracing out a first and second wave.  If this is the case we should see the sellers again take control of the market and push lower.  The next line in the sand so to speak will be at the daily 50 MA which is at 14400.  There are several price point support levels on the way down, but nothing that should prevent a continuation if the sellers are in control.  Upside the buyers would have to crank up the stakes somewhat and move the NQ back above the hourly 50 MA and then back above the 20 MA and resistance at 14644 and then again at 14680 to 14690.  Be open to the movement and trade smart.  The volatility is producing profitable swings.