July 25, 2022

NASDAQ 100 / Elliott Wave Update 7/25/2022 by Michael Filighera

Monday’s trade saw both sides of the market have their play with the sellers holding the NQ below 12500.  The EW count and labeling remains in place and in the NQ that continues to leave open the potential for the market to zip back above 12700 to complete the Minor wave 4 and set the stage for the Minor wave 5 decline to take over.

The other view suggests that the current high at 12700 did finish Minor wave 4 and Minor wave 5 is underway.  If this is the case I would be looking for the sellers to move in more convincingly and break below the 4 hour 50 and 200 MA’s and then 200 SMA without much hesitation.

I discuss using Market Profile with regard to POC, VAH, VAL and all their prospective ancillary Extended, Naked ,Developing et.al.  Updated support for Minor 5 is included tonight