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 —