February 14, 2024

NASDAQ 100 & S&P 500 / Elliott Wave Update 2/14/2024 by Michael Filighera

Both the NQ and the ES rebounded after yesterday’s sell offs as expected. Both indexes have reached the .618 retracement levels. Both indexes appear to need additional upside which brings me back to including the “alternate” count again for both the NQ and ES. I am not changing the labeling yet, but I am including levels that if broken to the upside would lean heavily towards the alternate count being in play. In any case I have reinstated the Fibonacci levels for a continuation of Minor 5th waves. Tomorrow pre-market @8:30 AM EST Initial Jobless Claims, Empire State Manufacturing, Philly Fed Manufacturing, Import Prices, U.S. Retail Sales, @9:15 AM EST – Industrial Production/Capacity Utilization, and @ 10 AM EST Home Builder Confidence.