September 28, 2022

NASDAQ 100 & S&P 500 / Elliott Wave Update 9/28/2022 by Michael Filighera

Wednesday’s trade was amazing in several areas.  The ES and NQ both pushed lower during Globex reaching new lows for the current sequences.  The market’s reaction(s) to the BOE purchasing bonds and intervention to bolster the British Pound along with the Bank of Japan intervening on behalf of the Yen gave a strong “smack” to the rally in the US dollar pushing it back below 113 before the end of the session.  The short covering increased in strength over the session and by the end of the day, the DJIA was up 550, the NDX +222, and the RTY pushed back above 1700.  All in all, a stellar day for the buy side.

The moves help to clear up the counts and I have updated the labeling to reflect today’s moves.  In particular the move off the lows – which was stellar and very powerful.  I updated the Fibonacci retracements for the Minor wave 4 now in progress.

For tomorrow, pre-market look for the GDP and Jobless claims data.  Both are “market movers” and after today’s action will either create another turn lower or allow the buy side to continue its stampede back into the markets.