December 19, 2022

S&P 500 & NASDAQ 100 / Elliott Wave Update 12/18/2022 by Michael Filighera

Friday’s trade looks to have put in the low for Minor wave 1 of Intermediate wave 3 down.  If this is the case, expectations for a Minor wave 2 countertrend rally would be in play.  I review the preferred EW count including the Intermediate wave 3 Fibonacci extensions and also the Minor wave 2 retracements.

I also discuss the FED “pivot” narrative as it relates to statements from Powell last Wednesday.  I also continue the discussion where reality pushes “narrative” out of the way.  This leaves technical back in tandem with reality.