June 8, 2023

NASDAQ 100 & S&P500 / Elliott Wave Update 6/08/2023 by Michael Filighera

Thursday’s trade gave us the completion points for the Minor wave 4 in the NQ and the minute wave 4 in the ES. I have been able to count 5 waves up on both hourly charts which gives some strength and confirmation that indeed the respective 4 waves are complete and we are now in the final stages of the larger patterns. I review how I build the Fibonacci sequences for the completion of the Minor wave 5, Intermediate wave C and the Primary B waves in the NQ and the minute wave 5, the Minor wave 5, the Intermediate wave C and the Primary wave B in the ES. The clusters already in place suggest 14900 to 15000+ in the NQ and 4340 to 4400 in the ES.

There are no economic numbers being released tomorrow nor are there any FED governors out speaking that I have found. Tomorrow is a weekly expiration as well as a daily and that is likely to present enough activity on its own.

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