January 3, 2023

S&P 500 & NASDAQ 100 / Elliott Wave Update 01/02/2023 by Michael Filighera

Monday’s Globex session started with a bang with both the ES and NQ gapping higher.  That didn’t last with both dropping back to respective MA’s for support.  The EW counts remain unchanged in that I’m still looking for the completion points for Minor 2nd waves and the start of Minor 3rd waves down.  The pattern for the Minor 2nd waves has been difficult up to this point leaving open both the preferred view and two alternate views.  The markets are the only entity that will let us know which is in process.  I do understand that it becomes more difficult to attempt to trade the current “noise” as we wait for a stronger signal to move higher or lower.

For tomorrow, I present both the upside potential and what to look for and the downside potential and what to look for to confirm the moves and that would be for the preferred and alternate views.