May 9, 2024

S&P 500 & NASDAQ 100 / Elliott Wave Update 5/09/2024 by Michael Filighera

Follow through to the upside was the ticket for Thursday. Although stronger in the ES than the NQ both managed to finish with some strength. I update the labeling and adjust Fibonacci levels. At the moment I’m feeling the ES has stronger upside potential from current levels to complete the minute 3rd wave, while in the NQ it appears that the market will shift lower to complete the small 4th wave and then rally with strength to finish the minute 3rd wave. Friday @ 10AM EDT – Consumer Sentiment and @2PM EDT Monthly U.S. Federal Budget report.