February 28, 2023

S&P 500 & NASDAQ 100 / Elliott Wave Update 2/27/2023 by Michael Filighera

Monday’s trade saw follow through to the upside as Minor wave 2 continued.  The follow through did bring confirmation of the completion of the Minor first waves without the additional downside follow through I left open on yesterday’s update.  I have updated the Fibonacci retracements for Minor wave 2 and also Fib retracements for the internal ‘B’ wave of Minor 2.  And lastly, I “guesstimated” using this afternoon’s lows in both the ES and NQ to produce the Fibonacci extensions for the minute C wave still expected before the Minor second waves are complete.

Pre-market tomorrow at 8:30 AM EST the release of the latest Advanced U.S. trade balance in goods, Advanced retail inventories, and Advanced wholesale inventories are expected.  At 10 AM EST Consumer Confidence will be released.