January 9, 2023

S&P 500 & NASDAQ 100 / Elliott Wave Update 1/08/2023 by Michael Filighera

Sunday’s Globex opening has both the ES and the NQ moving higher after a strong upswing on Friday.  The EW counts haven’t changed in that as discussed last week – we needed to leave open the potential for a finishing rally in the form of “C” waves in both indexes.  Within the “C” waves it appears that both still need a finishing 5th waves of C to complete the moves.  I have included Fibonacci resistance levels that would be expected to contain and complete the Minor 2nd waves.

Next week on Thursday the next CPI data will be released.  The markets may still in a range until the data is known.