February 1, 2023

NASDAQ 100 & S&P 500 / Elliott Wave Update 2/01/2023 by Michael Filighera

Wednesday’s trade was full of surprises. The FED raised the expected 25 bps and Powell presented us with a more hawkish statement and press conference. But the fund managers and algorithmic traders had a different thought and once Powell was done — the buy order spigot got opened and it ran the markets for the next 2 hours. To top is all off META reported missing estimates but announced a $40 billion stock buyback — and META soared after hours — up nearly $30 from the close — I do update the count — it hasn’t changed — added additional Fibonacci extensions to compliment the existing Fibs for Intermediate wave 2 — all in all the markets appear headed to the upper Fib levels. I discuss the points where the alternate count would move over to preferred — we are not there yet — but need to include it now.

Tomorrow, the trifecta reports coming in from AAPL, AMZN, and GOOGL — also Jobless claims at 8:30 AM EST.