October 24, 2022

NASDAQ 100 & S&P 500 / Elliott Wave Update 10/24/2022 by Michael Filighera

Monday’s trade was for the most part in line with current analysis. Both the NQ and ES started the sessions moving higher with a sudden turn and drop coming about 30 minutes into the session. There was a lot of activity over in the U.S. dollar and the bonds. Combined it took the steam right out of the rally for a short period. Once back in force the rally picked up again and carried through to the close. It wasn’t a straight shot higher but trading off of a 5-minute chart allowed for Fibonacci updates being made along the way which guided trading strategy.

Tomorrow, consumer confidence data is released at 10 AM EDT, also after the close, MSFT and GOOGL report earnings. Wednesday is META, with Thursday including AMZN and AAPL.

I have updated the labeling and discuss some of the more difficult spots to trade and work into the count. I discuss how to set up Fibonacci retracements and extensions on the 5-minute chart to help guide trading as the markets continue to trace out the current corrective countertrend rallies.

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