February 22, 2023

S&P 500 & NASDAQ 100 / Elliott Wave Update 2/22/2023 by Michael Filighera

Wednesday’s trade was strong in both directions as the ES and NQ worked through what I’m labeling as the first 5 waves down to complete Minor wave 1. While I continue to leave open the potential that Minor wave 1 is still in process with the minute 5th wave continuing to extend, I am getting additional confirmation that the Intermediate B wave is complete as labeled. If, Minor wave 1 is complete at today’s lows, expectations would be for a Minor wave 2 to unfold. Initially, I would be looking for a countertrend rally and have included the Fibonacci retracements where the most common levels for a wave 2 are the 50% to 62% levels. Additionally, as I stated in the update the labeling is subject to change both in degree and wave count.

For tomorrow, pre-market the GDP and Jobless Claims data will be released at 8:30 AM EST. Both are “market movers” and can carry strong signals as to the direction of interest rates.

- 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.