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NASDAQ 100 / Elliott Wave Update 3/27/2022 by Michael Filighera

Monday’s trade was as expected in the NQ.  I am continuing to track the development of an Intermediate wave 2 corrective bounce.  The bounce while appearing to remain broadly bullish has trimmed itself down to a handful of large/mega cap companies.  AMZN has announced a 20:1 split and was up $85 today.  Microsoft hasn’t announced anything but enjoyed a solid rally of $7. TSLA now has board approval to issue additional stock, still needing shareholder approval, it would appear that TSLA holders are fine with additional shares with the stock being up $82.  It’s easier to say that 22% of today’s rally in the NQ can be contributed to 5 component companies.  I’ve added Fibonacci extensions to gage wave 5 upside potential.   I would expect a break above 15,000 before wave A of 2 is complete.  Next resistance comes in at 15078 and then 15227.  Once wave A tops out I’ll be able to give levels for the “B” wave decline, which should not be all that much. There remains a “C” wave up to come and at this point I can’t rule out a run for 16,000.  More to come on this and what comes after soon as I update the longer term picture.

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