December 20, 2023

S&P 500 & NASDAQ 100 / Elliott Wave Update 12/20/2023 by Michael Filighera

Another strange but awesome trading day. The ES and NQ ran to additional new highs for the sequence and via the futures new ATH’s. Then at about 2:30 PM EST the sellers rolled in and started to create a downward tornado. The markets fell quickly and without pause or respect for any support areas. I discuss the possibilities and the charts — update the labeling where necessary and discuss the potentials for both indexes. Also adjust Fibonacci levels for both the preferred and alternate counts. Thursday pre-market @8:30 AM EST Initial Jobless Claims, GDP (revised) and Philly FED manufacturing survey. @10 AM EST – U.S. Leading Economic Indicators.