February 29, 2024

NASDAQ 100 & S&P 500 / Elliott Wave Update 2/29/2024 by Michael Filighera

Another “stranger things” type of day for both the NQ and ES. The Elliott wave count on the smaller time frame continues to present its challenges. However, the larger pattern remains intact. I review the possibilities for labeling both charts and also review the labeling changes I have made. Ultimately I am still looking for the expanding diagonal triangle within minute wave 5 of Minor 5 to continue with additional new highs expected in both indexes. Tomorrow pre-market @ 9:45 AM EST – S&P U.S. Manufacturing PMI, @ 10 AM ISM Manufacturing, Construction Spending, and Consumer Sentiment (final for February).