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S&P 500 & NASDAQ 100 / Elliott Wave Update 11/20/2022 by Michael Filighera

Friday’s expiration trade was in line with expectations but without the “major” fireworks” that moves AAPL or MSFT in $10 + ranges.  The wave counts remain unchanged in that thus the markets continue to churn through Intermediate 2nd waves.  I’m moving towards the pattern being a double A-B-C structure. The first of which is complete and the intervening “X” wave is in process now.  Within wave “X” I can count wave A down and B up.  Suggesting that a C wave down in now underway.  I lay out the Fibonacci extensions in both the ES and NQ for the balance of a C wave down.

It is a holiday week with Thanksgiving on Thursday.  I’m not expecting any major moves from economic data releases with Wednesday being the only day that carries the possibility for a stronger move and a larger range.  This pushes the start of an Intermediate 3rd wave down out until likely mid December with the next FED decision due on the 14th.


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