June 28, 2023

NASDAQ 100 & S&P 500 / Elliott Wave Update 6/28/2023 by Michael Filighera

Wednesday’s trade saw follow through to both side of the trade with the EW count advancing in that both the NQ and the ES look to have completed minute 1st waves of Minor 5 waves.  Left open at the moment is the potential for the markets to put in an additional dip lower in the wave of wave C of 2, before heading higher with stronger momentum that we saw today as minute wave 3 of Minor 5 takes over.  There are no changes to make in terms of expectations where I continue to look for both the NQ and the ES to move above current highs 14575 in the NQ and 4494 in the ES to complete the Minor 5th waves, the Intermediate C waves and in turn the Primary B waves as previously and for several months now discussed in detail.

Tomorrow pre-market: Fed Chairman Powell is expected to speak beginning at 2:30 AM EDT (obviously outside of the U.S.) , at 8:30 AM EDT Jobless Claims and GDP (revised) will be released and at 10 AM EDT Pending Home Sales.