January 6, 2023

NASDAQ 100 & S&P 500 / Elliott Wave Update 1/05/2023 by Michael Filighera

Thursday’s trade remained in the “box” for both the NQ and ES. Both did manage though to work and finish Thursday’s session at the lower side of the box. Friday is an expiration and both the NQ and ES continue to hold on to the potential for an additional “C” wave up which carries upside targets of 11,175 in the NQ and 3907 in the ES.

Friday premarket the release of the latest Employment Situation data will be released at 8:30 AM EST. If the markets determine it is a signal that things are improving inflation wise look for wave “C” to kick in strongly — however, if the markets head higher during Globex and arrive in the target areas before 8:30 AM EST and the data is rejected by the market I would be looking for the kick off for Minor wave 3 to pick up and drop the market quickly.

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