Today, I review the big picture technical update for the ES and the NQ by reviewing the Elliott Wave count off of the all time highs in January 2022. I also review the current position and the reasons why I’m continuing to view the entire move off of the ATH as part of a larger corrective phase for both the ES and the NQ. I break the market down via the daily, 4 hour and 1 hour charts to summarize what took place over the last month or so down to Friday’s action. I review the potential for additional upside in both the ES and NQ as well as adjusted Fibonacci extensions and reviewed the first Fibonacci retracements put in place off of the October lows which remain valid and are being reached now.
June 4, 2023