April 3, 2024

NASDAQ 100 & S&P 500 / Elliott Wave Update 4/03/2024 by Michael Filighera

Another day of somewhat confusion from within the markets. After a solid upside response to the ISM data this morning, the ES and NQ rocketed higher and appeared to be giving some solid evidence that the minute 4th waves were complete and the final minute 5th waves underway. That may still be the case, but not without a hiccup or two along the way. I update the counts and the Fibonacci levels — and detail as best I can the confusion being tossed our way as to what comes next. For now, though, I’m continuing to look for higher levels and the completion of the minute and Minor 5th waves, the Intermediate C waves, and in turn the Primary B waves. Thursday pre-market @8:30 AM EDT – Initial Jobless Claims and U.S. Trade Balance. Spread out for the balance of the trading day and into the evening are 6 Fed officials (Presidents and Governors) out speaking.