June 15, 2023

S&P 500 & NASDAQ 100 / Elliott Wave Update 6/15/2023 by Michael Filighera

Thursday’s trade was astounding in that the vertical nature of the climb in both the ES and NQ as “macro traders” moved back in on the buy after the FED decision yesterday.  Expectations are for the rally to continue, but the count is beginning to show that we may be reaching an end point soon.  Currently I’m continuing to use Fibonacci clusters the represent the various degrees in play at the moment.  It is good to remember that the current rally began off of the October 2022 lows and has reached levels that at a minimum would suggest a larger pull back to begin even if there are additional legs up to complete.  I will review my big picture over the weekend.  I also updated the labeling and the Fibonacci retracements and extensions.

Tomorrow is a quadruple expiration that promises to be very active and possible very wild.  Consumer Sentiment will be revealed at 10 AM EDT with 2 FED governors speaking starting at 7:45 AM EDT and at 2:30 PM EDT.  Monday is a holiday in the U.S. regular session trading is closed with Globex sessions open at the regular times.