December 12, 2022

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

Monday’s trade saw strength in Microsoft bring the rally to the ES, NQ, YM, and RTY. So much so that I am updating and reviewing both alternate views tat I currently run alongside what remains my preferred view. I made a labeling adjustment for the completion of Minor wave 1, which if correct would suggest the continued rally is still a corrective countertrend rally, but of a Minor degree and in the form of Minor wave 2. That would be for both the ES and the NQ. I also update the Fibonacci retracements and the Fibonacci extensions to reflect the updated counts.

Tomorrow the CPI data will be released at 8:30 AM EST. I’m feeling more sure that there will be a reaction and I discuss the possible reaction if the preferred or one of the alternate views is in play.

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