May 16, 2024

S&P 500 & NASDAQ 100 / Elliott Wave Daily Update 5/16/2024 by Michael Filighera

Daily update for the S&P 500 & NASDAQ 100 – both markets did put in additional highs for the current sequences. Both markets look to have completed the minute 3rd waves, with minute 4th waves now in progress. I’m leaving open the potential for one additional rally to new highs before the minute 3rd waves are complete, but at this juncture the markets would need to start higher from the globex opening. I also lay out and discuss the probable path for the minute 4th waves, including the Fibonacci retracements. Friday is the monthly options expiration and @10 AM EDT – U.S. Leading Economic Indicators.