April 19, 2023

NASDAQ 100 & S&P 500 / Elliott Wave Update 4/19/2023 by Michael Filighera

Wednesday’s trade was another “slog” through the mud so to speak.  While upside was created in both the NQ and the ES it was not achieved easily.  I attempt to attach some labeling to the NQ’s wave 5 but need to include that it is almost abnormal from the beginning of the move.  I leave open all possibilities and presenting the count with a “not held” statement.  The ES faired a bit better and continues to trace out a “cleaner” 5th wave up.  Overall expectations remain for the markets to move up and complete the Intermediate “C” waves and all subordinate Minor and minute degrees as well as the Primary B wave countertrend rallies.

Premarket on Thursday: Initial Jobless Claims and Philly FED Manufacturing survey at 8:30 AM EDT.  At 10 AM EDT – Existing Home Sales as well as the US Leading