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S&P 500 & NASDAQ 100 / Elliott Wave Update 8/22/2022 by Michael Filighera

Monday’s trade while focused to the downside was not as much of a “straight shot” down as the actual numbers suggest.  Yes, the ES and the NQ dropped seemingly with a “purpose” but the action was choppy and disjointed throughout the session.

Nonetheless, I have advanced the count and labeled the move down to today’s lows.  All in all, the ES and NQ may put in an additional low under today’s – but the low should yield to the beginning of a smaller “B” wave rally. I discuss the potential path the larger Primary B wave will take and drop it down to the hourly chart where the moves are in an Intermediate degree “B” wave – and yes, I take it one degree further down to the Minor degree, where both the ES and NQ are likely ready to begin Minor degree “B” wave rallies.  Which will likely hold below the hourly 200 MA’s.

Support for additional downside is likely to hold above 12720 in the NQ and 4120 to 4100 in the ES. Resistance levels initially be the 20, 50 and 200 hourly MA’s.


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