November 22, 2022

S&P 500 & NASDAQ 100 / Elliott Wave Update 11/22/2021 by Michael Filighera

Tuesday’s trade came with its own epiphanies.  I have adjusted the labeling in the ES. The adjustment suggests that the ES remain in the process of putting in Minor wave C of Intermediate wave 2.  Within Minor wave C then, minute waves 1 thru 4 are complete with the ES now in the process of tracing out minute wave 5.  Within minute wave 5 then, waves 1 and 2 are complete with wave 3 of minute 5 still underway.

Over in the NQ the labeling remains the same in that the market looks to have completed the intervening “X” wave.  Within the second Minor A-B-C – wave A is underway.

The switch in the labeling does not change the intended targets but brings them together under a different wave labeling.  So, same outlook, different wave path to get there.

For tomorrow, pre-market will start with a econ data dump – Durable Goods and Jobless Claims at 8:30 EST, PMI Composite Flash at 9:45 EST. and New Home Sales and Consumer Sentiment at 10 AM EST. It would appear that the markets are lined up to thrust higher within their perspective counts.  That thrust though may be smaller and reverse more quickly.  The combination of the data over the first hour and half could produce a run up followed by a run down.  With Friday being a half day it is also a weekly expiration – this could shove positioning for expiration to Wednesday.  And this could all give volatility a shove higher.