November 16, 2022

NASDAQ 100 & S&P 500 / Elliott Wave Update 11/16/2022 by Michael Filighera

Wednesday’s economic data brought a downward spin to the first 1 1/2 from the opening.  The speed or breath of the downside moves remain not in line with what I would expect to see if an Intermediate 3 wave was beginning and ready to drop in the 3 of 3 move.  Therefore, I have update the labeling to reflect a small adjustment to the very near term count.  I moved the minute 3 wave’s completion point to yesterday’s high in both the NQ and ES.  This suggests that both the NQ and ES still have 5th wave rallies to complete before Intermediate wave 3 begins.

For tomorrow, should the downside kick in — it has to do just that — “kick in” – by beginning to drop with a ‘purpose’ – trade should not be hesitant, choppy or have selective participation.  Otherwise I would expect much of the same as today but with an upward vs downward bias.  Resistance levels for the balance of upside remain at the moment the same.