May 14, 2024

S&P 500 & NASDAQ 100 / Elliott Wave Update 5/14/2024 by Michael Filighera

Interesting day with the PPI showing inflation to be problematic. But the markets deemed it not worthy of getting in the way of what was planned for today. The markets did eventually continue higher and towards the conclusion of minute 3rd waves. Today’s action then, completed minuet 3rd waves and minuet 4th waves – with both the ES and NQ in the process of moving higher within minuet 5th waves to complete the minute 3rd waves. I’ve updated the Fibonacci levels and also the labeling. Wednesday pre market – @8:30 AM EDT CPI, U.S. Retail Sales, and Empire Manufacturing survey. @ 9:15 AM EDT Industrial Production and Capacity Utilization.