• Home
  • /
  • S&P 500 & NASDAQ 100 / Elliott Wave Update 10/17/2022 by Michael Filighera

S&P 500 & NASDAQ 100 / Elliott Wave Update 10/17/2022 by Michael Filighera

Monday’s trade saw a continuation of the Intermediate wave 4 countertrend rally.  The sticking point for me was the late rally on to Friday’s highs being 3 waves up.  After looking into that and putting up Fibonacci retracements I am concluding the internal Minor wave B which also traces out an a-b-c structure produced an irregular “b” wave taking the markets to Friday’s highs.  Thus, the drop into the lows reached at the start of yesterday’s Globex session complete Minor wave B with the rally being the starting waves of Minor wave C of Intermediate wave 4.  I have updated the Fibonacci extensions for wave “C” which continue to suggest additional upside should be expected before Intermediate wave 4 is complete and Intermediate wave 5 down begins.

I also discuss view #2 as I attempt to do each update.  View #2 suggests that Intermediate wave 4 completed at The Globex highs on Friday. This then suggests that Intermediate wave 5 has begun with Minor wave 1 possibly complete at yesterday’s Globex lows with Minor wave 2 completing now.  I include this view due to the many “fires” burning economically, politically, and geopolitically around the world.  I am still holding view #1 as my preferred count for now.


Tags


You may also like

{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}

What is your biggest Trade Killer?

Use the Trader Test to find out:

This assessment is one of many designed for traders and investors by Richard Friesen of MindMuscles.com, to help them refine and expand their mental game.

Commodity Futures Trading Commission: Futures and Options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. This is neither a solicitation nor an offer to Buy/Sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.

CFTC RULE 4.41 - HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.

Content on this site is for educational and entertainment purposes only. Nothing on this site should be viewed as trading advice.