June 27, 2022

NASDAQ 100 / Elliott Wave Update 6/27/2022 by Michael Filighera

Monday’s trade did add a little bit more info/data as to what the NQ is tracing out and what form it may take.  The daily chart continues to favor a 50/50 probability for which of the two views I’m currently running congruent with each other.  Currently I’m leaving the labeling for an Intermediate degree 5 wave decline.  Under this view, the NQ is in the process of tracing out a Minor wave 2 countertrend correction. Wave 2 will consist of an A-B-C structure.  That brings us to Monday, where the NQ reached a high at 12262 during the Globex session, with the market spending the better part of the day in the red.

For tomorrow, we should leave room for a stronger move up towards the hourly 50 EMA at 12506 should it occur it would be creating 5 waves up off the 11068 low which I would label as wave A of Minor 2.  This then suggests and opens the potential for a larger Minor 2 to be in process with resistance for the move shifting and including a run above 13000.

Should the market break down, we would look for a break below the 20 EMA and then the 8 EMA with the NQ not finding any difficulty in dropping back through 11500.