December 14, 2023

S&P 500 & NASDAQ 100 / Elliott Wave Update 12/14/2023 by Michael Filighera

Finally saw pull backs in the ES and NQ on Thursday. I have updated the charts to reflect the completion points for the minuet 3rd waves and the possibility that minuet 4th waves are also complete. For tomorrow, I’m leaving open the potential for an additional leg down in the ES to complete wave IV, and the same potential continues to exist over in the NQ as well. Expectations then are for minuet 5th waves to carry both indexes higher to complete the larger moves in progress since October 2022 and also in part off of the October 2023 lows. I cleaned up the Fibonacci levels since many of the upper levels have been met or are no longer needed. Friday pre-market @8:30 AM EST Empire State Manufacturing Survey, @9:15 AM EST Industrial Production and Capacity Utilization.