April 26, 2023

S&P 500 & NASDAQ 100 / Elliott Wave Update 4/26/2023 by Michael Filighera

Wednesday’s trade was interesting as the ES and NQ followed their current patterns and structures.  The NQ continues to trade with the context of a Minor 5th wave up to complete the larger Intermediate C wave and in turn the Primary B wave.  The ES continues to build on the beginning moves of the first 5 waves down to form Minor wave 1 of Intermediate wave 1 of Pirmary wave C — the interesting factor remains that both counts remain valid as we wade through all the earnings reports currently being reported.  I update the counts and labeling for both markets as well as the Fibonacci retracements and extensions.

Tomorrow premarket the latest release of the GDP data and Initial Jobless Claims at 8:30 AM EDT.  Also pre market HON releases it’s first quarter earnings.  After the close look for INTC earnings report.