October 16, 2023

NASDAQ 100 & S&P 500 / Elliott Wave Update – 10/16/2023 by Michael Filighera

Monday’s trade was more difficult that last week. Tonight I present the alternate count for both the NQ and ES – with the break higher today the markets invalidated the minuet i&ii count along with the minute 2nd waves. I relabeled the charts and added Fibonacci extensions. It doesn’t appear that it will be an easy turn with 0DTE options again taking center stage with regards to direction intraday and into the close. Plus earnings season is upon us and the financial media is already talking it up to be a great earnings season across the board. So, fasten your seatbelts folks it promises to be a wild ride. Tuesday at 9:45 AM EDT – S&P U.S. flash services PMI and S&P U.S. flash manufacturing PMI.