May 24, 2023

NASDAQ 100 & S&P 500 / Elliott Wave Update 5/24/2023 by Michael Filighera

Wednesday’s trade was heavily influenced by the continued stall in the debt ceiling discussions.  The market were heavier today with both the NQ and the ES breaking down further after yesterday’s starts to the downside.  I have updated the labeling in the ES and the NQ and you might be surprised that I’m allowing for additional upside after NVDA’s earnings for the NQ to possibly push up to the 14000 area, which the ES I am marking as having completed the countertrend rally by completing Minor 5, Intermediate C and in turn Primary wave B.  I do discuss how that can happen and why I’m presenting today.  I update the Fibonacci and Elliott levels for minute wave 5 in the NQ – and what I’m labeling as wave 4 of the first 5 waves down in the ES.

Tomorrow premarket, GDP and Jobless Claims data comes at 8:30 AM EDT.