December 5, 2022

S&P 500 & NASDAQ 100 / Elliott Wave Update 12/05/2022 by Michael Filighera

Monday’s trade was mixed with a strong opening rally in AAPL pushing the NQ and ES higher against the backdrop of the YM and RTY heading lower. Eventually, though, the ES and NQ began to drop with some strength as the buyers became sellers in AAPL leaving the NQ open to decline freely.

The counts remains as previously given as we await for additional confirmation from the markets as to the near term direction. I present a stronger count for continued upside on the ES chart, which actually would be the same on the NQ. However, I labeled the NQ with Thursday’s highs completing a Minor C wave up and in turn the Intermediate wave 2. Obviously I’m not giving confirmation of either count being the “one” but attempting to show both to give depth and expectations should either come into play overnight or tomorrow.

I also review Fibonacci extensions and retracements for both the ES and the NQ —

- SINCE 2002 -

NinjaTrader® is a registered trademark of NinjaTrader Group, LLC. No NinjaTrader company has any affiliation with the owner, developer, or provider of the products or services described herein, or any interest, ownership or otherwise, in any such product or service, or endorses, recommends or approves any such product or service.

Commodity Futures Trading Commission: Futures and Options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. This is neither a solicitation nor an offer to Buy/Sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.

CFTC RULE 4.41 - HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.