• Home
  • /
  • NASDAQ 100 & S&P 500 / Elliott Wave Update 8/23/2022 by Michael Filighera

NASDAQ 100 & S&P 500 / Elliott Wave Update 8/23/2022 by Michael Filighera

Tuesday’s trade was mixed at best.  Both the NQ and the ES saw session highs within the first hour of trade.  The NQ reached 13018 while the ES saw 4161. The balance of the session was a range bound tug of war with the last hour bringing back the selling.

I have updated the labeling for both the ES and NQ and reflecting Minor wave ‘a’ being a 5 wave decline.  Under this interpretation both markets would have completed minute wave 3 with the minute wave 4 bounce complete at today’s highs are still needing another push towards the 50 MA’s to complete wave 4 and the start of a minute 5th wave down — this leg will find support at 12720 to 12700 and could put in the low for wave 5 and Minor wave “a”.

This could happen during the Globex session.  Should this be the case, the markets would be looking to start the Intermediate wave “C” of Primary wave “B”.  This again will likely bring the NQ back above 13741 and the ES above 4328.


Tags


You may also like

{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}

What is your biggest Trade Killer?

Use the Trader Test to find out:

Commodity Futures Trading Commission: Futures and Options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. This is neither a solicitation nor an offer to Buy/Sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.

CFTC RULE 4.41 - HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.

Content on this site is for educational and entertainment purposes only. Nothing on this site should be viewed as trading advice.