February 15, 2023

NASDAQ 100 & S&P 500 + Treasuries / Elliott Wave Update 2/15/2023 by Michael Filighera

Wednesday’s trade again fell into place within the current labeling for the countertrend rally.  Within the rallies, the ES and NQ appear to be moving higher within minute 5 waves to complete Minor C waves and in turn Intermediate B waves.  Within the minute 5th waves, the ES and NQ appear to on track to reaching towards 13,000 in the NQ and 4300 in the ES.  I’ve updated the Fibonacci extensions on several levels as well.

I also update the 4- and 1-hour charts in the ZB (30-year bond) and the ZN (10-year note). There are few paths the treasuries may be taking – currently I’m continuing to count both as still in process of putting in a countertrend rally on an Intermediate degree.  I update the count and also the Fibonacci extensions for their respective counts.

Tomorrow pre-market at 8:30 AM EST the release of Housing Starts and Permits, Jobless Claims, Philadelphia FED Manufacturing Index, and PPI – Final Demand and all are capable of being market movers.  Currently though nothing seems to deter the equity markets from their current paths.