November 7, 2022

S&P 500 & NASDAQ 100 / Elliott Wave Update 11/06/2022 by Michael Filighera

Friday’s trade started off wild and wooly after the release of the Employment situation data for October.  Initial reactions were a very fast plunge followed by an equally fast race to session highs.  To start the week, there was news that AAPL is warning of a production disruption in China affecting iPhone 15 pro and pro-max.  There was an additional news story that Metaverse aka Facebook is sending out emails warning employees of massive layoffs are about to begin.  Could put a damper on expectations for a yearend rally.

I have updated the Elliott labeling and included Fibonacci updates with Fib extensions for Minor 3rd waves and Fib retracements should Minor 2nd waves still be in process.