• Home
  • /
  • NASDAQ 100 / Elliott Wave Update 4/05/2022 by Michael Filighera

NASDAQ 100 / Elliott Wave Update 4/05/2022 by Michael Filighera

Tuesday’s trade chose scenario one as presented on last night’s update.  The NQ continued to rally during globex nearly reaching above 15200. By the time the US markets opened the NQ was heading lower and remained in that mode for the balance of the session.  The first scenario remains the same in that the NQ remains in the process of tracing and internal “c” wave within a bit larger “b” wave.  This being the case should continue to see the NQ move lower first below 14725 and ultimately to a zone from 14380 to 14100 before Minor wave “C” of Intermediate wave 2 begins a 5 wave advance.  Yes, back above 15268 and likely back towards 16000.

The second scenario carries the NQ back down to 14100 but doesn’t stop there.  The Elliott count remains the same except Intermediate wave 2 ended at 15268 and the NQ is in the initial stages of an Intermediate 3rd wave decline.  The move would then be expected to break through support from 13897, 13830, 13630, and ultimately below 12943.

The third scenario would require the NQ holding to the parameters of #one, but carry a larger upside payload.  Where the NQ could get close to the 16768 high.  More on this should it get engaged.


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.