April 12, 2023

S&P 500 & NASDAQ 100 / Elliott Wave Update 4/12/2023 by Michael Filighera

Wednesday’s trade was initially influenced by the release of the latest CPI data — the initial response was a quick trip higher with session highs coming in at 13242 in the NQ and 4178 in the ES.  Both levels were rejected broadly by the markets.  I have updated the labeling to reflect the completion points for the Primary B wave countertrend rallies.  I also discuss the potential that there may still be upside to put in, although the probability of a push to much higher levels, while technically possible, may not be realistic right now.  I also updated the Fibonacci extensions for the Primary C wave decline — and in the initial stages a small 3rd wave down within the context of the first waves of Minor 1.

Tomorrow, the PPI data and the latest Jobless Claims data will be released at 8:30 AM EDT.  The reaction to the PPI data may be different then the reaction to the CPI data — I also discuss the potential for another run higher – all things remain possible on a technical level.