• Home
  • /
  • NASDQ 100 & S&P 500 / Eye of the Storm Podcast 10/16/022 by Michael Filighera

NASDQ 100 & S&P 500 / Eye of the Storm Podcast 10/16/022 by Michael Filighera

Friday’s trade was in many ways as wild as Thursday.  Both the NQ and ES made early highs and spent the balance of the sessions moving lower.  Currently as I left it on Thursday, both markets looked to have completed Intermediate 3rd waves. with Intermediate 4th waves starting.  While the patterns are somewhat clear, there remains some areas that I am not clear on what to think.  Nonetheless, Friday’s highs likely completed Minor “A” waves of the Intermediate 4th waves.  The opening of Globex today looks to have complete Minor “B” waves, with the markets again turning higher.  I am looking at it right now as the start of Minor “C” waves in both markets and lay out the Fibonacci levels to look for as well as the Elliott levels that would come into play.

I also discuss trading in more detail with regards to recognizing when a market is making a directional change of significance as did take place on Thursday and again on Friday.  I also discuss many of the factors that remain unsettled and will continue to pose a threat to any rallies and by the same token any rallies.

For tomorrow, expectations would be for the rallies to continue as Minor “C” waves continue.  Should the markets break down below Friday’s lows and again below Thursday’s low it would suggest that Friday’s highs completed the Intermediate 4th waves, and the ES and NQ are dropping in the beginning stages of Intermediate 5th waves.  I update the Fibonacci resistance levels for the balance of Intermediate 4th waves and renew the Fibonacci levels for Intermediate 5th waves down.


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:

This assessment is one of many designed for traders and investors by Richard Friesen of MindMuscles.com, to help them refine and expand their mental game.

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.