August 25, 2022

S&P 500 & NASDAQ 100 / Elliott Wave Update 8/25/2022 by Michael Filighera

Thursday’s trade had a somewhat better first hour with a strong uptick followed by a decent downtick.  The balance of the day was not bad with the last hour producing a strong buy in as the NQ jumped 80 points and the ES adding 31 points.  I continue to view the markets as being in the process of putting in a Minor ‘b’ wave which should find resistance at 4220 to 4245 and 13173 to 13390 in the NQ, before completing and yielding to a Minor ‘c’ wave down.

I also discuss the possibility of the market blasting higher within the context of an Intermediate “C” wave. This would imply that the lows this week complete the Intermediate “B” wave in both the ES and NQ — Please understand I am not saying, this is what is going to happen – only the market can determine that — but I am including it so that we are not surprised by the move and are able to make adjustments and trade the move.

There is a fair amount of detail within tonight’s update – much of which may come into play tomorrow.  It is again expiration Friday – all things are possible as stocks zip around strike prices more quickly — volatility will likely start high and work its way lower into the close.