October 4, 2022

S&P 500 & NASDAQ 100 / Elliott Wave Update 10/04/2022 by Michael Filighera

Tuesday’s trade was again strong to the upside.  Both the ES and NQ reached Fibonacci resistance at 3808 in the ES and 11675 in the NQ.  Tonight, I review in greater detail the alternate view which has again been brought to my attention from several subscribers.  Thank you for your questions and thank you for sharing your counts.

View #2 suggests that yesterday’s 3571 low in the ES and 10891 in the NQ completed an Intermediate B wave of the larger Primary B wave, which would still be in force.  I do detail how this count could be in force even though it has already broken below the Primary A wave low.  I give upside “do not cross” levels which would give stronger support and confidence that Primary B is still in process with an Intermediate C wave underway.  Remember, this count suggests a rally taking the ES back above 4327 and the NQ above 13741. I also review the Fibonacci extensions associated with an Intermediate “C” wave advance.

I continue to discuss aspects of periods of inflation and what would constitute a slow down or turn around with inflation.  I also include some discussion on mindsets — a very important detail that often gets overlooked or forgotten.