November 21, 2023

S&P 500 & NASDAQ 100 / Elliott Wave Update 11/21/2023 by Michael Filighera

It was a more volatile day in both the ES and NQ. With NVDA earnings coming after the close – and were reported as exceeding estimates and revenue projections for Q4 were higher than estimates – initially propelled the stock to a $509 high before turning and dropping $41 reaching $468 and then recovering and trading around the $495 area. Tonight I present an update with the 2 alternate counts I have been working side by side — giving some detail of what to expect with any additional upside and also what to expect should the highs (for now) be in. Wednesday will likely be a lite volume day with many traders heading out for the Thanksgiving holiday – so pre-holiday trade should be expected. Wednesday pre-market @ 8:30 AM EST – Initial Jobless Claims & Durable Goods Orders – @ 10 AM EST – Consumer sentiment.