• Home
  • /
  • NASDAQ 100 / Elliott Wave Update 7/27/2022 by Michael Filighera

NASDAQ 100 / Elliott Wave Update 7/27/2022 by Michael Filighera

Wednesday’s trade did end up surprising me somewhat particularly after the FED announcement.  The NQ did as I suggested last night and turned on a “tick” and ran up higher very quickly.  I have removed yesterday’s labeling add — that being the completion points for the smaller wave “C” and the Minor wave 4.  The blast off the post earnings low at 12070 yesterday likely did complete wave 4 of “C” with the rally still in force being wave 5 of “C”.

I did also take a look at the potential and possibility that 11068 did complete the Intermediate “C” wave down, which also then complete the Primary wave A.  This suggests that current trading is the very beginning stages of a Primary B wave countertrend rally – While I acknowledge the possibility and potential for this being the case – I’m not convinced just yet the I need to change the internal count within the Minor wave 3 that completed at 11068.  However, should the market continue higher and put in stronger markers that the Primary wave A is complete – I’ll adjust the labeling —

One other point I need to discuss – I do not trade with a bullish or bearish bias.  I am a day trader and I do trade “price action” and today the price action was very clearly to the upside and after the FED announcement extremely clear to the upside and produced a very profitable trading day.  So, while my Elliott Wave count suggests and continues to suggest an additional leg down before a broader more sustained rally phase starts, I will react to direction and trade.


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.