June 13, 2023

S&P 500 & NASDAQ 100 / Elliott Wave Update 6/12/2023 by Michael Filighera

Tuesday’s trade saw the continuation of the current rally in both the ES and NQ with the NQ being the bigger winner today. Primarily due to the larger tech companies, i.e. NVDA, NFLX, MSFT, and TSLA catching strong bids. I again have made adjustments to both the labeling in both the ES and NQ basically returning both to the labeling as I had it coming into Monday. Nonetheless, both markets continue to need additional upside before all is said and done. I update the Fibonacci extensions for both markets and I discuss the potential that both the ES and NQ have a stronger chance of moving to new all time highs as the Primary B wave in progress produces an irregular structure. I have discussed this previously and way back in October 2022 showed the possibility via the initial Fibonacci retracements.

Tomorrow pre-market the PPI data will be released at 8:30 AM EDT. The FED decision is due at 2:00 PM EDT with the Chairman’s press conference at 2:30 PM EDT.

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