September 20, 2022

S&P 500 & NASDAQ 100 / Elliott Wave Update 9/20/2022 by Michael Filighera

There wasn’t much to be adding to current analysis.  The ES and NQ both traded in decent ranges but much of the day was more “range bound” like.  The ES did move to an additional new low for the sequence at 3843.  The NQ has not moved to a new low under Friday’s 11774.  While the counts are slightly different the conclusions are the same. I am still looking for additional downside whether it picks up again tomorrow or late this week or next.

For tomorrow, the FOMC meeting results are out at 2 PM EDT with the Chairmen holding his press conference beginning at 2:30 PM EDT.  The market seems to have accepted a 75 basis points hike – IMHO – less the 75 basis points is negative – 75 basis points might be just right – and 100 basis points or more would be a surprise.  So yes, the market is playing Goldilocks.

I update the Fibonacci extensions for both the ES and NQ to include the Intermediate wave 3 and then Primary C wave.