August 7, 2023

NASDAQ 100 & S&P 500 / Elliott Wave Update 8/07/2023 by Michael Filighera

Both the NQ and ES attempted to put in an “anchor” low early in Monday’s session. I have updated the labeling, but it all remains basically up for discussion. I do discuss the preferred and alternate views – both of which remain in place — in updating the preferred count – I discuss in detail the technical picture, which continues to suggest a stronger move lower before an stronger move higher — the exceptions I do discuss as well. Tuesday – Two Fed Governors will be speaking before the opening. The U.S. Trade Balance is reported @8:30 AM EDT with the U.S. Wholesale Inventories @10 AM EDT.