July 4, 2022

NASDAQ 100 / Elliott Wave Update 7/04/2022 by Michael Filighera

The Globex session on Sunday didn’t produce any major moves and held to a fairly tight range finishing up at 15554.  Monday’s Globex session initially opened unchanged and then found some buyers in need with the NQ quickly jumping the 11600 level and then some.  Thus far the market has reached 11629.  There are no changes to make from what was presented yesterday.  The daily and hourly pictures remain in trading ranges that continue to leave open the daily and hourly directional moves.  There are no changes to make to the current labeling which leaves open the 50/50 probability of either side producing some profitable trades.

For tomorrow, the market still needs to make clear whether the Minor wave 2 is complete and if so — where?  The upside picture suggests that the 12262 high completed minute wave A of Minor 2 — with the low at 11351 completing or nearly so, minute wave B of Minor 2.  Again if this is the case the NQ would carry potential to rally back above 11700, 11800, and 11900 with an ultimate target above 12200 to finish minute wave C and also Minor wave 2.

If, though the NQ rallies back up to the resistance zone being formed by the 200 EMA and 200 SMA at 11665 to the 11720 area and is held to the zone – the NQ may be completing a smaller minute wave 2 of Minor wave 3.  Should this be the case the NQ would be expected to pick up the pace to the downside breaking back below 15550 and 11500 on its way to 11320, 11250, 11068 and below.