November 29, 2022

NASDAQ 100 & S&P 500 / Elliott Wave Update 11/29/2022 by Michael Filighera

Tuesday’s trade was by my view preparation for tomorrow’s GDP data release.  The NQ still carries all the potential for a swift and crushing move to the upside or downside.  Sticking to the numbers and technicals I remain in the US is in a recession camp with the GDP report finally moving the “R” word into the public conversation as being real.

I discuss for both the NQ and ES the potential for both upside and downside moves. I discuss the Elliott count and possible labeling for both the upside and downside. I add Fibonacci extensions for the expected Intermediate wave 3. I discuss how I use the higher levels of support as guides for the expected sequences of 5 waves down on several degrees.

Tomorrow, I will put out an Eye of the Storm Podcast and take a deep dive into what takes place and the short and mid-term paths for the markets.