September 19, 2022

S&P 500 & NASDAQ 100 / Elliott Wave Update 9/19/2022 by Michael Filighera

Monday’s trade was for the most part in line with expectations for the pre Fed meeting days. Initially off the opening there were several decent moves that produced profitable moves – however, there were more scalps than small swing trades. The S&P did move down to a slight new low over Friday during Globex at 3846. I have marked this as the completion point for Minor wave 1 of Intermediate wave 3. The NQ did not push to a new low, but remained within parameters for a Minor wave 2 bounce.

I discuss what to expect for tomorrow with parameters for the continuation of Minor 2nd waves. Once complete expectations would be for the Minor wave 3 of Intermediate 3 to kick in and when it does the market should once again begin to drop with “purpose.”