January 16, 2023

S&P 500 & NASDAQ 100 / Elliott Wave Update 1/16/2023 by Michael Filighera

Sunday’s Globex session produced additional highs within the current Minor 2nd waves in both the ES and the NQ — upside resistance for the Minor 2nd waves came within “spitting” distance of the Fibonacci .618 levels. Both the ES and NQ turned lower overnight and then within the finishing hours of Globex.

For tomorrow, there isn’t any economic data being released until Wednesday, so the markets may continue to churn within a range. Upside should continue to be held to the parameters set up by the Fibonacci retracements for the Minor 2nd waves and today I’ve added Fibonacci extensions for what may be 5th waves to complete the “C” waves of in turn the Minor 2nd waves.

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