April 3, 2023

S&P 500 & NASDAQ 100 / Elliott Wave Update 4/02/2023 by Michael Filighera

Both the ES and NQ started the Globex lower with small gaps down. Thus far nothing unexpected to change the near term analysis or wave count.  I do, however, discuss and outline an additional alternate count brought to my attention by a YouTube subscriber – it bears merit and after I put in place on the SPX and ES I decided to include it in the update.  For tonight then, in the NQ I continue to show the labeling as updated on Saturday’s Big Picture Update and have put the 2nd alternate count on the ES.  I also include the Fibonacci extensions for the “triangle pattern” as laid out on the ES chart.

Tomorrow at 9:45 AM EDT the S&P final U.S. manufacturing PMI, with the ISM Manufacturing and Construction Spending due out at 10 AM.