August 17, 2022

S&P 500 & NASDAQ 100 / Elliott Wave Update 8/17/2022 by Michael Filighera

Wednesday’s trade continued the downside for both the ES and NQ after an initial attempt to push higher.  The ES reach session lows at 4255 and the NQ at 13406. I have adjusted the labeling to reflect view #2.  Both views continue to hold a 50/50 probability of being in force.

For tomorrow, a continued slide lower would add to both views, and I would expect that the selling would continue to be on the persistent side pullbacks notwithstanding.  I also include a review and update for Fibonacci and moving averages resistance and support.

A break below 4255 in the ES and 13406 in the NQ would again give support and confirmation that the recent highs completed the countertrend rallies with the next leg(s) down underway.