August 2, 2022

NASDAQ 100 / Elliott Wave Update 8/02/2022 by Michael Filighera

Tonight’s update is on the longer side as I jump into a discussion on Tuesday’s trade saw the range between low and hi expand a bit, but overall, it ended up being more of an “inside” day. The NQ reached session lows early at 12820. From that level the buyers returned and again pushed the market back above 13000 and it did look like the NQ would continue higher to finish the pattern in progress — that may have happened at 13097 but I’m leaving open the potential for a little bit stronger push that will take the NQ above 13100 and up towards 13170 to 13217.

I review both of the “views” for the NQ and lay out Fibonacci extensions for both the balance of the C of Minor 2 and within wave “C” I include the Fibonacci extensions for the final wave 5 of “C”. Both ‘views’ that are active right now leave open additional upside before the next down leg takes over. It is this down leg that will give us the information necessary to draw a conclusion as to whether or not the NQ will break below 11068 in a Minor 3 wave down — or hold above it and finish an Intermediate wave “B” of the Primary “B” wave.

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