March 15, 2023

NASDAQ 100 & S&P 500 / Elliott Wave Update 3/15/2023 by Michael Filighera

Wednesday’s trade ended up revealing some modifications to the current preferred count.  Both the NQ and ES initially drop lower before the “inside” play began.  I have made what I’m believing in a “tightening” of the count — there were some questions I had and the market make some clarifications, which hopefully created additional support for the 3 of 3 of 3 leg to begin.  Yes, it could be the strongest of the entire move — when it get coupled together as a 3 of 3 of 3 — we shall see.  I discuss the refined Fibonacci retracements and extensions.

Tomorrow pre-market: Initial Jobless Claims, Housing Starts, and Philidelphia Fed Manufacturing data will be released at 8:30 AM EDT.