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S&P 500 & NASDAQ 100 / Elliott Wave Update 10/19/2022 by Michael Filighera

Wednesday’s trade in an effort to remember the October 19, 1987 crash, the markets were range bound and sideways!  Actually, there wasn’t even a mention of that day.  Both the ES and NQ again moved in tighter ranges and basically sideways.  The EW count and labeling remains the same.  I have not labeled Tuesday’s highs as the completion point for Minor wave “C” of Intermediate wave 4 just yet.  Primarily due to needing additional market info as to what exactly are the ES and NQ doing since that high.  Thus far it can be labeled as an a-b-c decline down to today’s lows.  I can’t label it as a small 4th wave – simply because it is not that small — it is too large to fit as a minute wave 4 against the pattern for wave “C”.  It can though be an “X” wave suggesting a double or triple A-B-C pattern to put in the Intermediate wave 4.  So all is not lost just yet in terms of the larger count in process now.

For tomorrow, pre-market the Jobless Claims, and Philly Fed Manufactuing Index at 8:30 AM EDT and then Existing Home Sales at 10 AM EDT.  The pre-market data could get a stronger reaction from the markets if either shows a strengthening or weaking of inflation.  Outside of that I am continuing to look for a sideways market to continue as the bulk of the larger tech titans don’t report until next week.


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