May 8, 2023

S&P 500 & NASDAQ 100 / Elliott Wave Update 5/08/2023 by Michael Filighera

Let me begin tonight’s update with a “Thank you” to the 3 subscribers who brought me back into line by pointing out some errors I had created on last night’s update.  Due to a time constraint, I overlooked the moves with the SPX and the ES.  I’ve made the corrections needed via a labeling adjustment which does change the position of the Minor 3rd and 4th waves in both the ES and the NQ.  I’ve also added the Elliott & Fibonacci relationships between Minor waves 1 and 5.  I continue to look for additional upside but not to the extreme heights that last night’s labeling implied.  I’ve included resistance levels where we can look for the completion of Minor 5th waves and in turn Intermediate C waves and in turn Primary B waves.

Tomorrow, the debt ceiling discussion between the democrat and republican leaders within the House and Senate and the President.  No major economic data is due out on Tuesday, but a couple of FED Govenor’s will be out on speaking engagements.  Wednesday look for the CPI and Friday the PPI data will be released at 8:30 AM EDT.