July 24, 2023

S&P 500 & NASDAQ 100 / Elliott Wave Update 7/24/2023 by Michael Filighera

Monday’s trade was a mixed bag at best. I have updated the count and labeling for the ES, where I placed the completion point for minute wave 4 at Friday’s lows. That suggests that minute 5 is in progress on the ES. The NQ on the other hand is looking more in line with having completed the entire larger sequence at last Wednesday’s highs. I haven’t marked anything just yet — again giving the benefit of the doubt to the NQ to still needing a finishing rally to complete the larger sequences. Again, another day before making any conclusions. Tomorrow at 10AM EDT – Consumer Confidence data is released.