December 5, 2023

S&P 500 & NASDAQ 100 / Elliott Wave Update 12/04/2023 by Michael Filighera

Both the ES and NQ followed through to the downside giving short term validation to the minute 4th waves still being in progress. Both are still within wave “c” of 5. I review the remaining support levels likely to complete the 4th’s and start the minute 5th waves rallies. I also review and reset the Fibonacci resistance associated with 5th waves as compared to 1st waves. In the NQ there remains the potential for a deeper drop being in progress which could then signal that the highs are in for that market — Tuesday @9:45 AM EST – S&P U.S. Services PMI, @10 AM EST – ISM Services and Job Openings.