December 22, 2022

NASDAQ 100 & S&P 500 / Elliott Wave Update 12/22/2022 by Michael Filighera

Thursday’s trade was extremely direction.  Both the NQ and the ES took a dive into the deep end for the bulk of today’s session before finding the last minute buyers.  I have updated the labeling for both my preferred count and the alternate view as well.  Since both have the same eventual outcome which is more strong(er) downside to come, I can run them side by side for a bit longer, before one or the other will take over.  Either way, both are similar in labeling and different by degree and expected resistance levels.

Tomorrow is an expiration, which created many flurries of position adjustments throughout today’s session.  I suspect the same for tomorrow.  And that covers both a stronger upside move or a similarly strong downside move.  Premarket we’ll get the latest Durable Goods, Personal Income and Outlay, and New Home Sales data – the first two at 8:30 AM EST and then 10 AM EST.