August 31, 2022

S&P 500 & NASDAQ 100 / Elliott Wave Update 8/31/2022 by Michael Filighera

Wednesday’s trade was again in line with current analysis in that the ES and NQ both continue to follow the pattern for a Primary degree impulse move lower. I update both views tonight – with some emphasis on view #2, which suggests the ES and NQ are still tracing out the internals to complete Primary B. Under this view, both the ES and NQ are pulling into support that would be expected to contain and possibly complete the internal Intermediate B wave. This then suggests that once complete the market will surge higher in an Intermediate C wave to finish Primary B. This view remains as a possibility, but the probability is dropping below 50% for now.

I also update view #1, where both the ES and NQ are continuing to track lower as would be expected with the current configurations within the markets. I also update the Fibonacci extensions for the larger 3rd wave down and also include the subdivisions within the larger 3rd wave.

- SINCE 2002 -

NinjaTrader® is a registered trademark of NinjaTrader Group, LLC. No NinjaTrader company has any affiliation with the owner, developer, or provider of the products or services described herein, or any interest, ownership or otherwise, in any such product or service, or endorses, recommends or approves any such product or service.

Commodity Futures Trading Commission: Futures and Options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. This is neither a solicitation nor an offer to Buy/Sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.

CFTC RULE 4.41 - HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.