November 17, 2022

S&P 500 & NASDAQ 100 / Elliott Wave Update 11/17/2022 by Michael Filighera

Thursday’s trade in some ways built a case that it was time for the downside to kick in again, while the balance was saying – nah – order flow says different — and that says it depended on which product you traded.  Initially, the economic data had very little effect on prices.  Eventually though, it would be the buy side that dominated once the U.S. opening was in place.  And while that was prevalent in the ES and NQ it was not evenly distributed within the components of the index.

That being said, I have again made an adjustment to the labeling without taking the market move outside of the current Intermediate 2nd waves which are still in process.  The question at the moment is whether or not Tuesday’s Globex high finished the 2nd waves.  The entire process may extend again.  Brought into the picture would be a more complex “double” A-B-C structure.  I give some thoughts on that tonight.

Tomorrow is expiration and much can happen – be open to direction without having a bullish or bearish posture.  Stay flexible and “go with the flow” of money.