May 12, 2022

NASDAQ 100 / Elliott Wave Update 5/12/ 2022 by Michael Filighera

Thursday’s trade kept the volatility popping and the trading opportunities flowing. The NQ started the session with a quick look below 11700 reaching a low at 11693 before turning and ripping to session highs at 12132 and again dropping sub 11700 reaching an additional low at 11689 before jamming its way higher reaching 11950 at the bell.

For Friday — beware of expiration. AAPL sailed back and forth thru 7 strike prices today and I imagine tomorrow may be much of the same. Volatility everywhere = opportunities everywhere. For now — leave open the potential for the rally to continue and get up into the hourly 50 MA at 12070 and today’s highs at 12138. Downside support comes in at 11680, 11558, 11323, and then 10943. I would be expecting a completion point for the Minor wave 3 and the start of a more sustained Minor wave 4 bounce.

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