January 4, 2023

S&P 500 & NASDAQ 100 / Elliott Wave Update 1/04/2023 by Michael Filighera

Wednesday’s trade was actually an inside day to Tuesday’s trade. I don’t have any changes to make to the longer term count. The near term count though continues to fill in the blanks as to what is happening to the count. Both the ES and the NQ remain within Minor 2nd waves but the internal structures are different. The ES appears to be tracing out a triple A-B-C pattern while the NQ is tracing out a double A-B-C pattern. Both fit neatly within the parameters for a 2nd wave and actually both the double and triple A-B-C patterns also fit as both markets are basically putting in A-B-C “flat” structures. What remains in my opinion are the finishing “C” waves in both the ES and NQ. This suggests that we should be close to completing the Minor 2nd waves and that would then yield to the beginning stages of Minor 3rd wave down within the ongoing Intermediate 3rd waves.

Tomorrow premarket we will see the latest data on International Trade in Goods and Services as well as Jobless Claims. Both have been known to produce a stronger market reaction.

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