January 3, 2023

NASDAQ 100 & S&P 500 / Elliott Wave Update 1/03/2023 by Michael Filighera

Tuesday’s trade started somewhat in a more promising position that the markets would make a quick trip up to resistance and complete the Minor 2nd waves currently still in process.  Both the NQ and ES failed at the task of new highs or reaching lower resistance.  From what I can see on the charts both the NQ and ES need to put in a new low below today’s session lows to complete 5 waves down off of the Minor wave 2 highs.  This would give stronger confirmation that Minor 2nd waves are complete.  Unfortunately, only the markets can show us the path and at the moment I’m not betting on the markets actually knowing or understanding what path it should be taking.