• Home
  • /
  • S&P 500 & NASDAQ 100 / Elliott Wave Update 12/19/2022 by Michael Filighera

S&P 500 & NASDAQ 100 / Elliott Wave Update 12/19/2022 by Michael Filighera

Monday’s trade was a small surprise in that the Minor 2nd waves I was anticipating didn’t show up.  However, as I mentioned last night should the market turn lower again today it would suggest either that Minor wave 1 wasn’t complete – which was my first choice – or that Minor wave 2 came in very weak with the market now heading lower in the initial stages of the Minor wave 3 down.  That could still be the case, but I’ll need stronger confirmation of it being the case and that would come with another stronger down day tomorrow.  And when I say stronger I’m referring to both the ES and NQ breaking below the additional Fibonacci support levels given should the small minute wave 5 of Minor wave 1 still be in process.

For tomorrow, I’m still expecting Minor 2nd waves to carry the ES and the NQ higher.  The structure will be an A-B-C .  I have updated and included the Fibonacci retracements for the 2nd waves.  I also review the Fibonacci extensions for the balance of the Intermediate 3rd waves that remain in process.  Tomorrow pre market the release of the latest Housing starts and permits at 5:30 AM EST.


Tags


You may also like

{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}

What is your biggest Trade Killer?

Use the Trader Test to find out:

This assessment is one of many designed for traders and investors by Richard Friesen of MindMuscles.com, to help them refine and expand their mental game.

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.

Content on this site is for educational and entertainment purposes only. Nothing on this site should be viewed as trading advice.