March 13, 2024

S&P 500 & NASDAQ 100 / Elliott Wave Update 3/13/2024 by Michael Filighera

Just when I thought it was safe to get back in the water — ha!! The sharks were joined by killer whales to destroy any thoughts of 3rd waves carrying the ES and NQ higher — I decided to clear the charts and determine what is going on — I continue to believe the markets are still in the finishing moves of the larger Primary B wave rally — that being said — both the ES and NQ are within the final minute 5th waves up — and that in both markets is presenting its challenges. I hope to get some clarity as to direction and counts after the PPI data tomorrow. Thursday pre-market @8:30 AM EDT – Retail Sales, PPI data, and Initial Jobless Claims, @ 10 Am EDT – Business Inventories.