May 9, 2023

NASDAQ 100 & S&P 500 / Elliott Wave Update 5/09/2023 by Michael Filighera

Tuesday’s trade was basically a “stand still” type day — both the NQ and ES were held to tight ranges with a slight downward bias.  The EW counts remain the same in that I’m continuing to look for a minute 5th wave higher to begin.  I’ve updated the picture to reflect the continued small 4th waves that occurred today.  This includes adding new levels for the minute 5th waves yet to begin — all previously given levels for Minor wave 5 vs Minor wave 1 remain in place.

We may get news from the meeting this afternoon/evening between the President and leaders of the House and Senate – tomorrow, the CPI data will be released at 8:30 AM EDT – expect a reaction in either and likely both directions.