January 23, 2023

NASDAQ 100 & S&P 500 / Elliott Wave Update 1/23/2022 by Michael Filighera

Monday’s trade was a mirror image of Friday’s — including the lite volumes and strong upside.  I discuss tonight the EW count where I made adjustments which does allow for additional upside within the context of a Minor 2nd waves.  I review the break point for both the NQ and ES where the Alternate count would become the preferred.  I updated the Fibonacci resistance levels to reflect the change in the labeling. My longer-term view remains the same and will continue to show a major decline is coming whether the market tops at current levels or run up another 100 points in the ES and 200 points in the NQ.

Tomorrow at 9:45 AM EST the PMI Composite Flash will be released.  It can be a market mover.  Tomorrow after the close TSLA reports earnings.