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.