August 24, 2022

NASDAQ 100 & S&P 500 / Elliott Wave Update 8/24/2022 by Michael Filighera

Wednesday’s trade continued with the “chopfest” of the past 4 sessions.  I’ve switched the labeling back to an A-B-C pattern for Minor wave “a”.  Both the ES and the NQ likely completed their respective Minor “a” wave(s) at the Globex lows last night.  If that is the case, expectations would be for a Minor “b” wave to push the NQ back above 13000 and the ES 4200 and it should present us with another a-b-c pattern.

For tomorrow, hopefully one of the powers that be will step in and lead the trade to either side — in fact, both work just please make them clean with follow through.  I update support and resistance levels with the addition of Fibonacci retracements for the Minor B wave (up)  and Intermediate B wave (down).

Ultimately, there remains a finishing rally in both the ES and NQ followed by a move back into the support zones 12404 to 12090 in the NQ and 3983 to 3900 in the ES.