July 14, 2022

NASDAQ 100 / Elliott Wave Update 7/14/2022 by Michael Filighera

Thursday’s trade was a continuation of the triangle pattern in force off of the June 16th low at 11068.  It has been a more difficult pattern to trade by nature and while there were opportunities to make some money, the moves were sudden, choppy, and tedious to follow.  The NQ remains in the process of tracing out wave E of the Minor 4th wave correction.

Yesterday’s trade saw wave A of E form, with wave B of E beginning during Globex and finishing early during the U.S. session.  That leaves wave C of E to complete.  Wave C started higher off of the 11511 low and looks to be well on the way to Fibonacci resistance at 11845 to 11900.  Wave E does also carry potential for a spike like high which could carry prices toward 11950 to 12000.

Once complete the expectation would be for the market to thrust out of the triangle in the direction of the trend, which is down at the moment.  Therefore, once Minor wave 4 is complete we will get confirmation of that when the NQ thrusts lower out of the triangle breaking below 11477, 11350, and eventually 11068 as Minor wave 5 takes over.  Ultimately Minor wave 5 carries the potential for a drop to 10680 to 10500.