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.

- SINCE 2002 -

NinjaTrader® is a registered trademark of NinjaTrader Group, LLC. No NinjaTrader company has any affiliation with the owner, developer, or provider of the products or services described herein, or any interest, ownership or otherwise, in any such product or service, or endorses, recommends or approves any such product or service.

Commodity Futures Trading Commission: Futures and Options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. This is neither a solicitation nor an offer to Buy/Sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.

CFTC RULE 4.41 - HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.