March 5, 2023

S&P 500 & NASDAQ 100 / Elliott Wave Update 3/05/2023 by Michael Filighera

Friday’s trade saw both the ES and NQ hit resistance on the nose. In fact, both closed at 1.618 resistance levels. I discuss both sides of the trade tonight – thus I’m leaving open the potential for small 4th waves with finishing 5th waves to complete minute wave c’s and in turn Minor 2nd waves. I discuss what to look for to give support to the tops being in and the Minor 3rd waves being underway.

Tuesday Fed Chair Powell goes before the house – which could contain algo triggering sound bites that start an avalanche in either direction. Both will need a catalyst to succeed.

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