August 18, 2022

S&P 500 & NASDAQ 100 / Elliott Wave Update 8/18/2022 by Michael Filighera

The ES and the NQ both put traded within the inside of yesterday’s ranges.  The moves were choppy and harder to trade which made the day less interesting.  There are no changes to make to the current labeling.  I have added in both the ES and NQ an additional layer of Fibonacci extensions to for the completion point of the wave 5 of 5 of C likely in play.  Failure will show up if the market reaches 13633 with the rally and the with levels being rejected.  This would suggest and give some additional support that yesterday’s highs, 4328 in the ES and 13741 in the NQ.

Tomorrow is the monthly expiration cycle.  Again, AAPL appears on a mission to 175, 177.50 or 180 and it remains in the picture.  AAPL has been in control of direction within the NQ and the ES for now —