July 1, 2022

NASDAQ 100 / Elliott Wave Update 6/30/2022 by Michael Filighera

Thursday’s trade was more in “trend” which does for many make for a nicely profitable day.  As I suspected the first hour provided some very   profitable trades.  The NQ did continue to fall and came within 30 points of a stronger point of support at 11320.

I continue to leave open the potential for the NQ to turn tail and run higher and if tomorrow contains thin trading it won’t necessarily take very much to move the likes of AAPL, MSFT, TSLA, AMZN, and a few other titans.  A run higher would also fit within the context of a continuing Minor wave 2 corrective bounce.  Within the Minor wave 2 – waves A is complete at 12262 and wave B very likely at 11351 – this then suggests that wave C is next up and should kick things into gear with a strong push back above 11635 for starters. The hourly 200 EMA is 11736.  There would be additional resistance and potential for a continued run with Fib extensions remaining on the chart for reference.

Tomorrow is a weekly options expiration beware of “gamma squeezes” adding a little “beta” to moves in both directions.  At this juncture I have to remain with a 50/50 probability of either direction catching “fire” and holding for the day.   Downside support remains at 11320 and then 11247 to 11068.