• Home
  • /
  • NASDAQ 100 / Elliott Wave Update 6/16/2022 by Michael Filighera

NASDAQ 100 / Elliott Wave Update 6/16/2022 by Michael Filighera

Thursday’s trade was for the better part of the U.S. session a continuation to the downside.  The NQ did move to new lows after breaking below 11200 eventually reaching 11068 before bouncing up into the close.  I’ve made a couple of adjustments to the Intermediate “C” wave in progress since the March 29th high at 15305. The first being the Minor degree labeling and then also within what is now the Minor wave 5 down.

Tomorrow is a quadruple expiration and is being reported to be larger than the March expiration.  That being said, the question has been which side of the market would likely be the target for expiration.  A week ago, the market appeared positioned to continue higher into tomorrow, which did not occur. The “alternate” view instead took over with the markets moving strongly lower smashing strike prices along the way.  So, long story short, the adjustments were towards the sell side.  That may continue into tomorrow’s expiration with the continued slide through strike prices.  Of note would be the heavy titans in the tech sector.  AAPL again saw several additional strike prices tossed as the stock sank below 130.

I don’t feel that the markets have reached the lows just yet.  The patterns leave open the potential for additional slides to occur.  In the NQ a more solid break below 11093 drops support into a “black hole” with next support coming in at 10650. Upside then would be expected to remain forming 3 waves bounces. For now, I will continue to use the moving averages as point of resistance.  Particularly the 20 and 50 MA’s.


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:

This assessment is one of many designed for traders and investors by Richard Friesen of MindMuscles.com, to help them refine and expand their mental game.

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.