September 8, 2022

S&P 500 & NASDAQ 100 / Elliott Wave Update 9/08/2022 by Michael Filighera

Thursday’s trade was again somewhat in line with analysis and not so much in line with analysis.  Both the buy side and the sell side were feed some meat today as either side took control and ran with it.  I am presenting that “old” view that I started labeling off of the 4327 high in the ES and 13741 in the NQ.  The start point for the Primary wave C decline.  Powell’s Jackson Hole speech kicked off Primary wave C – and the decline was swift and strong, which I would normally associate with a 3rd wave and not a first wave.  As it turns out it does count better as a minute wave 1 within a Minor 5th wave to complete an Intermediate wave 1.  I have adjusted the labeling to reflect this count.  Which doesn’t change the longer term picture, where I’m still looking for the ES and the NQ to drop closer to the March 2020 lows to complete Primary wave C and in turn the Cycle wave A.  This would be the perfect set up for another kick-butt rally “V” bottom lift off countertrend rally in the form of a Cycle degree B wave.

Another plus for the views currently is that both are working on Intermediate degree countertrend rallies as part of the ongoing corrective cycle that began off of the all time highs.  I detail what to look for tomorrow, which could be as crazy as today in terms of direction strength and sudden twists and turns.  It is Friday expiration and that is very likely to be in play as well.