October 10, 2022

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

Monday’s trade remained in a smaller range than seen last week, but the NQ did put in an additional low under 10891 reaching 10876.  The ES did not move under 3571 but did put in a new low for the current sequence.  In both the ES and NQ, I can count 5 waves down off of Wednesday’s Globex highs.  I’m viewing it as minute waves 1 of Minor waves 3.  This then suggests a minute wave 2 up is now underway.  I review the Fibonacci retracements for the small 2nd waves as well as the Fibonacci extensions for the larger Minor wave 3.  I also review the alternate view but lowered the probability.  In either case, the downside currently underway is likely to continue without first attempting to retest the highs from last week.

For tomorrow, I’m looking for the bounce before we head into Wednesday’s PPI and Thursday’s CPI data is known.  I give Fibonacci resistance levels for both indexes.