March 2, 2023

S&P 500 & NASDAQ 100 / Elliott Wave Update 3/02/2023 by Michael Filighera

Thursday’s trade continues to follow current EW analysis very closely. Both the ES and NQ dropped right into Fibonacci 1.382 support to put in the completion point for the “irregular” minute ‘b’ wave, with minute wave c jumping into action. Within the minute ‘c’ waves it appears that today’s highs completed wave 3 of 3 with 4 of 3 in progress now. This would leave waved 4 of 3 to complete the third waves. Beyond that wave 4 of ‘c’ and then final 5th waves to complete minute wave ‘c’ and in turn the Minor 2nd waves. I include tonight the Fibonacci extensions for the ‘c’ waves. Once complete I will continue to look for the initial stages of Minor 3rd waves to begin.

Friday’s economic numbers come at 10 AM EST with the ISM Services data — with FED governors speaking at 11 AM and 3 PM EST as well.

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