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

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

I spent some time on Friday updating the Elliott labeling on both the cash NDX and the future /NQ. It was a clarifying exercise in that the NDX made the first leg down off the all time high at 16767.50 stronger with the 12942.50 low now marking the completion point for the Intermediate wave 1 down – which does give additional confirmation that I was looking for and that is being able to count 5 waves down on a Minor and Intermediate degree level.

But what it does do is raise the limitations for the Intermediate wave 2 correction.  The structure will be a Minor degree a-b-c pattern.  Thus far it would be acceptable to say Minor wave A is producing 5 waves up and may be complete at Friday’s 14840 high.  Fibonacci retracements for wave 2 show the 50% resistance level is at 14855.  For now I’m leaving the potential for an additional segment up reaching resistance at 14855 to 14900 to complete Minor A, before Minor B brings the market back down.  Support to start should be found at 14400 down to 14236.

I would expect the bullish premium to remain in the calls and larger moves in the future to come from the buy side until Minor wave B down is ready to take over.  Be careful for periods of “boxey” choppiness in the future during wave B down.


Tags


You may also like

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

What is your biggest Trade Killer?

Use the Trader Test to find out:

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.