April 11, 2024

S&P 500 & NASDAQ 100 / Elliott Wave Update 4/11/2024 by Michael Filighera

Today’s trade was initially ruled by the PPI data, (sort of), but once the session started it became clear that NVDA and ‘options flows’ would rule the session and that is exactly what occurred. It was similar to a “wild fire” that may start small or appears to be controllable or limited. Then the wind shifts and the fires jump the fire walls and turns into a much bigger event. Today’s “option flows” fires spread from NVDA to AAPL, to the balance of the Mag-7 and beyond. I have update the labeling in line with today’s lows in the ES and yesterday’s in the NQ marked the completion points for minute 4th waves. I updated the Fibonacci levels to correspond with the current wave count. Tomorrow is an expiration – hence the major shift occurring today in advance of the expiration. Beware of the sudden geopolitical news event that could seemingly come out of ‘nowhere’ and upset the flow.