May 17, 2022

NASDAQ 100 / The Eye of the Storm Podcast 5/17/2022 by Michael Filighera

Tonight – I spend some time on the weekly chart discussing a great deal of confluence between moving averages, Fibonacci, and Elliott Wave.

Tuesday’s trade was within expectations as the NQ continues to trace out a minute wave 2 corrective bounce.  The structure remains an A-B-C, where wave A completed at 12499 and wave B at 12190.  With wave “C” in progress off the 12499 low.  It appears that most of the “C” is complete needing a finishing move and high above 12577.

Next Fibonacci resistance comes in at 12622 and then 12842.  Being that the NQ is within the final stages of wave “C” a turn lower to announce the start of the minute wave 3 and the continuation of the Minor and Intermediate third waves as well.  Downside will look and feel convincing.  Breaking back below 12400 should not be a problem — eventually support at 11689 is broken and hard support being in place the NQ will begin heading for support for Intermediate wave 3 at the 9070 area.