December 13, 2023

NASDAQ 100 & S&P 500 / Elliott Wave Update 12/13/2023 by Michael Filighera

Wild and crazy day that in the end made total sense according to the wave patterns. Both the NQ and ES remain in minute 5th waves up — both have seen strong extensions along the way — the NQ has been extremely strong and reached new ATH’s today. This suggests that the NQ is putting in an ‘irregular” Primary B wave — I have updated the labeling and the Fibonacci levels for the continued rallies. I discuss the Elliott view on “irregular” B waves as written by Elliott himself — I am keeping my focus on the hourly chart and my own trading on an even smaller time frame — the moves have been very strong and early in he session the moves are notably easier to capture. Bottom line on both the NQ and ES – there is additional upside yet to come before the market will be facing a stronger pull back. Thursday pre-market @ 8:30 AM EST – Initial Jobless Claims, Import Price Index, and Retail Sales, @10 AM EST Business Inventories.