April 15, 2024

S&P 500 & NASDAQ 100 / Elliott Wave Update 4/15/2024 by Michael Filighera

It will always be “an interesting day” so long as the market continues to reveal the most probable short term path. Monday added additional information that has pushed me out the Minor degree for direction – and with that in mind I am detailing an alternate count that changes the end point for Minor 3 of Intermediate C — thus, the correction off of the March 31st high would become a Minor 4th wave decline. That fits neatly within the cycle analysis looking for a trough low late April/early May. I lay out the path, label what has taken place thus far and then add the retracements for the balance of minute wave ‘c’ of Minor 4. Tuesday pre market – @8:30 AM EDT – Housing Starts and Building Permits – @ 9:15 AM EDT – Industrial Production & Capacity Utilization. FED Chair and Vice Chair will be speaking tomorrow as well.