April 5, 2023

S&P 500 & NASDAQ 100 / Elliott Wave Update 4/05/2023 by Michael Filighera

Wednesday’s trade saw the ES and NQ put in the additional leg down that I was looking for to complete Minor 4th waves.  I update the picture and discuss the declines today and what to look for tomorrow.  If the lows (4th waves) are in the markets should continue to build 5th wave advances.  I updated the Fibonacci extensions for the 5th waves.  Alternatively, should the downside continue I give levels that would suggest the larger Intermediate wave C’s are complete and what to expect should that be the case.

Premarket, Thursday -@ 8:30 AM EDT the Initial Jobless Claims data will be released.  Premarket during Friday’s Globex session @ 8:30 AM EDT the Employment Situation Data will be released.  Friday, though, is a market holiday – not a Federal holiday. thus the data will be released into a very thin market – reactions are likely to be violent.