November 30, 2023

S&P 500 & NASDAQ 100 / Elliott Wave Update 11/30/2023 by Michael Filighera

Interesting day in that the “irregular b wave” within a 4th wave correction did play out Fibonacci “wise” but after discussing and marking the Fibs I came to see that the ‘c’ waves were 3’s and not 5’s. Not to worry though, as I explain I’m still viewing the action as a 4th waves in both markets – with the 3rd waves extending one more time to yesterday’s highs. I review the two surviving scenarios for tomorrow again allowing the market to tell me/us what the intentions are — tomorrow is an options expiration. Friday – pre-market @ 9:45 AM EST S&P global manufacturing PMI, @10 AM EST ISM manufacturing and Construction spending. @11 AM EST – Chairman Powell will be speaking — along with a couple of other FED officials.