December 7, 2023

NASDAQ 100 & S&P 500 / Elliott Wave Update 12/07/2023 by Michael Filighera

Another great trading day — somewhat clean pattern today — I’ve made an adjustment to the NQ labeling showing minute wave 4 completing at the 12/4 low and the market now in the process of tracing out minute wave 5 up, which should be a diagonal if all goes well — I also point out a possible cup and handle pattern in formation — if so it should give a substantial boost to the minute 5th wave. The ES looks to have completed its 4th wave triangle as well, thrusting higher to kick off minute wave 5. I update Fibonacci levels for both markets. Friday – pre-market @8:30 AM EST – November Employment Report and @10 AM EST Consumer sentiment.