December 15, 2022

S&P 500 & NASDAQ 100 / Elliott Wave Update 12/15/2022 by Michael Filighera

Thursday’s trade was again supportive of the current preferred count with both the ES and NQ sliding lower again. I’ve updated the internal count as the markets begin a larger Intermediate 3rd wave down. The ES and NQ remain in the initial Minor wave 1 down and the labeling shows that today’s lows likely completed subminute wave 3 of minute 3rd waves. This suggests a small 4th wave and a small 5th wave down to complete minute wave 3, which should be followed by a minute 4th wave bounce and a minute 5th wave down to complete Minor 1. Once that is complete look for a bit larger Minor wave 2 countertrend rally before the markets slip lower again within the context of Minor 3rd waves down. I also add Fibonacci extensions for Intermediate wave 3 and minute 3rd waves.

Friday is a quadruple expiration cycle and may or may not be volatile with most of the adjusting happening today. However, with the wave count continuing to show downside anything could happen. The PMI Composite Flash comes out at 9:45 AM EST.

- 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.