August 16, 2023

S&P 500 & NASDAQ 100 / Elliott Wave Update 8/16/2023 by Michael Filighera

Wednesday’s trade saw additional selling with a “push” after breaks below the Daily 50 MA’s in both the ES and the NQ. The preferred count is moving along and remains within minute 5 waves down and within minute wave 5 – it appears that minutte 3rd waves may need a bit additional downside before minutte 4th waves take over. All in all then here is what I’m following — within Minor 1st waves down – both markets are within minute 5th waves of their prospective Minor 1st waves. Once complete expectations would be for Minor 2nd wave bounces to begin. (In the alternate counts – it would be Minor 5th waves up) So, yes I am still running both the preferred and the alternate side by side and I discuss how long in tonight’s update. Thursday pre market @8:30 AM EDT Initial Jobless Claims and Philly Fed Manufacturing Index. @10 AM EDT U.S. Leading Economic Indicators.