July 13, 2023

S&P 500 & NASDAQ 100 / Elliott Wave Update 7/13/2023 by Michael Filighera

Thursday’s trade was a runaway train to upper Fibonacci resistance levels — Both the ES and NQ raced higher reaching resistance levels discussed yesterday and passing the “sniff test” for the minute 3rd waves needed to break above minute 1st waves highs. That was accomplished today — I discuss what is left to do within Minor 5 and I discuss the Fibonacci levels in line to be reached for the Intermediate C waves and the Primary B wave — I again discuss the technical potential for both indexes to reach into the “stratosphere” and pull off new ATH’s via an irregular “B” scenario. Again, I am NOT saying that is what is going to happen — merely discussing the technical picture and numbers. The trade strategy ( a volatility) trade has been dominating and can often happen just prior to a major shift in strategy and again would be a volatility trade.

Friday pre-market @8:30 AM EDT Import Price Index, @10AM EDT Consumer Sentiment

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