August 17, 2023

NASDAQ 100 & S&P 500 / Elliott Wave Update 8/17/2023 by Michael Filighera

Thursday’s trade followed current analysis very cleanly. Both the NQ and ES followed through to the downside and continued to subdivide within minute 5th waves. Within the subdivisions it appears that today’s closing lows completed subminuette 3rd waves leaving a subminuette wave 4 and 5 needed to complete minuette 3rd waves – which then would also need 4th and 5th waves to complete the minute 3rd waves — and again would require minute 4th and 5th waves to complete the Minor 1st waves — I also review and indicate support zones to complete the Minor 1st waves. There is no economic data due out on Friday.