July 24, 2022

NASDAQ 100 / Elliott Wave Update 7/24/2022 by Michael Filighera

Friday’s trade included a new high for the sequence and a rejection of that high with a solid move lower ensuing. The NQ did manage to poke its nose above 12700 on Friday, but the “hammer” finally caught up with the “mole” in the proverbial game of Whack a Mole. The NQ slid below 12600 and 12500 to finish the session closer to 12425.

For Monday, I’m leaving open the potential for a last push or another challenge of 12700 to 12800. I would suspect though that the challenge would be surrendered with another rejection of the levels. Elliott counts remain open as well, with the Minor 4th wave still tracing out the “C” to complete the move.

If, though, Friday’s high did complete Minor wave 4, it would suggest the decline continues with rallies holding below 12550. Downside should again pick up speed and not much trouble breaking below the Daily 50 & 8, both hanging out at the 12265 area. Support under should be found at the Daily 20 at 12097. Additional Fibonacci levels are discussed in the update.

- SINCE 2002 -

NinjaTrader® is a registered trademark of NinjaTrader Group, LLC. No NinjaTrader company has any affiliation with the owner, developer, or provider of the products or services described herein, or any interest, ownership or otherwise, in any such product or service, or endorses, recommends or approves any such product or service.

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.