February 21, 2024

S&P 500 & NASDAQ 100 / Elliott Wave Update 2/21/2024 by Michael Filighera

Another interesting day for the ES and NQ. With both markets initially continuing to decline. The NQ fell harder and deeper than the ES, but both appear to have finished the corrective moves at session lows. NVDA reported earnings and drove prices quickly higher and then diving lower ( all within 2 minutes) before starting to rally without turning back. I have updated the labeling and the Fibonacci levels for what I continue to view as minute 5th waves (forming diagonal triangles) to complete Minor 5th waves, Intermediate C waves and in turn Primary B waves. Tomorrow pre market @8:30 AM EST – Initial Jobless Claims, @9:45 AM EST – S&P Services PMI & S&P Manufacturing PMI, @10 AM EST Existing Home Sales.