March 6, 2024

NASDAQ 100 & S&P 500 / Elliott Wave Update 3/06/2024 by Michael Filighera

Another very volatile day in both the NQ and ES. I am presenting an “alternate” that could easily be moved to “preferred” status in the ES. I lay out the labeling and also the levels to watch should the market still need a last rally up towards 5200 to 5300. Also lay out levels to watch should the market break down again — and in the process give stronger confirmation that the highs and the larger Primary B wave are complete. In the NQ I’m still holding as the alternate count the potential for the Primary B wave being complete — the preferred count continues to suggest that minute wave 5 is forming an ending diagonal triangle – but I would like to see the “wedge” become more visible. Thursday pre-market – @ 8:30 AM EST – Initial Jobless Claims, U.S. Productivity and U.S. Trade Balance – @9:40 AM Fed Chair Powell resumes testifying before Congress.