• Home
  • /
  • NASDAQ 100 / Elliott Wave Update 7/19/2022 by Michael Filighera

NASDAQ 100 / Elliott Wave Update 7/19/2022 by Michael Filighera

Tuesday’s trade may not have looked like a “barn burner” but it was and then some.  The NQ took out the triangle pattern and brought back a zigzag pattern, (A-B-C) to complete Minor wave 4.  The money flow was also strong, as dollars come in to be placed rather than exiting and looking for a place to be.

I discuss tonight the difference between looking at the markets “objectively” versus “subjectively” and how that is applied to trading.

For tomorrow, I would expect additional upside whether that happens overnight during Globex is TBD.  Upside Fibonacci resistance comes in at 12360 to 12500, 12550 to 12675.  Wave C currently unfolding appears to be in wave 3 of C with a small pull back likely with additional upside still needed before wave 3 is complete and in turn waves 4 and 5 of wave C.

Should the market break down from here -12300 to 12350- as it has before the move may be as swift as well and would result in a quick break back below the 8 and then 20 MA’s.  Support should be found at 12160, 12100, 12040 to 12015. A break below 11800 would begin to turn the picture more negative and suggest Minor wave 4 may be complete.


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:

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.