February 1, 2023

S&P 500 & NASDAQ 100 / Elliott Wave Update 1/31/2023 by Michael Filighera

Tuesday’s trade was very much in line with expectations and according to “plan.”  Both the ES and the NQ reached the lows and completion points for their respective minute 4th waves during the Globex session.  Both the ES and the NQ then launched higher to begin minute 5th waves up.  Within those 5th waves it is clear that a 5-wave structure is in progress, but it is not as clear as to whether it will end up being wave 1 of 5 or the entire minute 5th waves.  Fortunately, I don’t think we’ll have to wait very long to get the answer.  I’ve added an Fibonacci estimate of a possible end point for wave 5 and in turn Minor wave C and again in turn the Intermediate 2 waves.

Tomorrow pre-market ADP Employment Report is released at 8:15 AM, the PMI Manufacturing Final at 9:45 AM EST, the ISM Manufacturing Index along with Construction Spending and JOLTS at 10 AM EST. The FED meeting results will be released at 2 PM EST with the FED Chair Press conference at 2:30 PM EST.