NASDAQ 100 / Elliott Wave Update 10/31/2021 by Michael Filighera

Friday's trade was in line with analysis presented last week.  Several of the heavier weighted tech stocks pushed higher against the "odds" due to Friday's expiration cycle.  The NQ did break and close above 15800 which was a major milestone as a marker for the bull market.  I have updated the labeling - first by removing the "B" wave completion point - second by revising the count to show a developing 5th wave up.  Thus far it appears that within wave 5 waves 1 and 2 are complete with the NQ extending higher within the 3rd wave.  The Globex opening on Sunday may have completed this internal 3rd with a small 4th correction in play now.  The pattern continues to suggest an additional rally up into resistance at 15893 to 15984  should be reached with an additional small pull back taking place before a final push up towards 16020 to 16040 and then to 16130 to 16260 takes place to complete the sequence, which remains an Intermediate degree "irregular" B wave.  Ultimately I am still expecting a strong "C" wave decline to begin and take the markets lower.

----------------------------------------
TRADE ROOM: https://logical-signals.teachable.com
FREE CRYPTOCURRENCY MEETS ELLIOTT WAVE COURSE:
https://logical-signals.teachable.com/p/crypto-currencies-meet-elliott-wave-principle/
WEBSITES:
Traders Helping Traders - https://tradershelpingtraders.com
Support and Resistance - https://supportandresistance.com
---------------------------------------
Required Disclaimer: 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.