March 20, 2023

S&P 500 & NASDAQ 100 / Elliott Wave Update 3/20/2023 by Michael Filighera

As I suspected the markets were more on the quiet side although there were several profitable moves early in the session.  The ES and the NQ both dropped during the Globex session before rallying.  The rally in the ES, though, did produce a labeling change, which will draw out the end point for the minute wave 2 countertrend rally that remains in process now.  The NQ still appears to need an additional high above 12800 before the Minor wave 2 countertrend rally is complete.  Basically then, aside from the small labeling changes expectations remain for the ES and NQ to push to new highs for the sequence in process and I have adjusted the Fibonacci retracements and extensions accordingly.

For Tuesday, again there aren’t any major economic figures due out, which may leave the market as directionless as it was today.  As we all wait for the FED oracle to give us the word on Wednesday at 2 PM EDT.