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  • NASDAQ 100 / Ellliott Wave Update 5/16/2022 by Michael Filighera

NASDAQ 100 / Ellliott Wave Update 5/16/2022 by Michael Filighera

Monday’s trade was a day of “wallowing” – the NQ put in session highs just before the opening at 12401 – the balance of trade was mostly chop filled with sudden bursts of buying and/or selling. A very typical “B” wave indecisive day.  The Elliott count and labeling remain unchanged – the NQ remains in the process of tracing out a minute wave 2 bounce.  The market continues to carry the potential and at this point continues to carry a 50% probability of moving above 12500 and up to 12622 to 12842 to complete the bounce.  Same picture as to what will be expected once wave 2 is complete.  That being a resumption of the larger Minor wave 3 in the form of a minute wave 3 – so yes, again another 3 of 3 type move.  Look for stronger acceleration with moves through support at 12190, 12129 and 12094.  In fact, the market should not have any problems moving down and through 11689 announcing its arrival.  Downside support for minute wave 3 comes in at 11495, 11376, and 11185.  Ultimately expectations are for the NQ to drop to support at 9070 to complete Intermediate wave 3.  Additional support comes in at 10528, 9965, and then 9059.


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