July 25, 2023

NASDAQ 100 & S&P 500 / Elliott Wave Update 7/25/2023 by Michael Filighera

For the better part of the day the NQ and ES continued to pace each other higher and lower. Both, by the way, followed yesterday’s analysis very cleanly – which leaves me with very little to add. In the NQ I continue to leave open the completion point for minute wave 4 – and still need additional information from the market to where specifically the NQ is on an EW basis – for now both views remain active – with the potential for additional highs above 16062 still active as well as 16062 being the completion point for the larger Primary B wave sequence. The ES ran up to the sequence high at 4609.25 – reaching 4608.75 before turning lower. The EW count for the ES remains in tact where minute 4 completed as last week, with minute 5 now in progress and likely completing 3 of minute 5 today — What’s left and will it extend is still unknown – so I go over the potential and possibilities by rebuilding the Fibonacci extensions. There remains potential for minute 5 to extend ultimately reaching th3 4670 area. Initial resistance remains at 4627 to 4650. Tomorrow the focus will be on the FED decision due out at 2 PM EDT with the Press Conference being the more important segment due to hearing the FED Chair speak about the near term outlook.