June 24, 2024

S&P 500 & NASDAQ 100 / Elliott Wave Update 6/24/2024 by Michael Filighera

Mixed markets on Monday – ES and NQ lower with the DJI and RTY higher. Pulling the NQ lower was the continued correction within NVDA, SMCI and AVGO. I have made a small adjustment to the labeling as I discussed within the Podcasts presented on Saturday. Both moves lower continue to present a more challenging picture, but I feel that both remain corrective and not impulsive (5 waves down) that I would be expecting after the completion of Minor 3rd waves. Therefore Minor 3rd waves remain within the final legs for now. I update Fibonacci support levels to complete the smaller 4th waves in progress now. This then leaves the expectation for an additional small 5th wave rallies to complete the sequences up to and including the Minor 3rd waves.