December 11, 2023

NASDAQ 100 & S&P 500 / Elliott Wave Update 12/10/2023 by Michael Filighera

Upside continued after a very brief drop on the opening. The NQ and ES rose to highs for the current sequences as the Mag 7 took a break from rallying and tier 2 (I guess) picked up the pace to the upside. The EW pattern shows that in both the NQ and the ES, minute 5th waves continues and are now breaking higher within minuet 3rd waves which in perfect Elliott glory are subdividing several times. This will lead to a series of “stair stepping” higher as the internal waves finish. I expand the Fibonacci levels and again state levels likely to be seen before all is said and done. I again repeat that my larger picture thus far is not changing but the near term picture continues to suggest additional upside is needed before any larger pull back would begin. Tuesday pre-market @8:30 Am EST CPI is reported – @ 2 PM EST Fed monthly budget.