June 5, 2023

S&P 500 & NASDAQ 100 / Elliott Wave Update 6/05/2023 by Michael Filighera

Monday’s trade saw both the ES and the NQ reach additional highs for the current sequences.  I have adjusted the labeling to reflect the completion of minute wave 3 in the ES at the 4305 high and I adjusted the completion point for Minor wave 3 in the NQ back down to 14567 with Minor wave 4 also complete at 14248. Thus in the ES the market continues to move through a minute wave 4 correction.  In the NQ is 2/3 through the Minor 5th wave up with the market finishing minute wave 3 at 14697. Suggesting that minute wave 4 is in progress now.  I present Fibonacci retracements in both markets of what would be ideal levels for their respective 4th waves.  And also give Fibonacci extensions for the anticipated 5th waves up.

There is no scheduled economic data due out tomorrow.