September 29, 2022

S&P 500 & NASDAQ 100 / Elliott Wave Update 9/29/2022 by Michael Filighera

Thursday’s trade was a reversal of what took place during Wednesday’s session. Leaving yesterday’s rallies possibly as the complete Minor 4th wave bounce, I was looking for. While the NQ did move to a new low under Wednesday’s Globex low, the ES did not. This leaves open the potential for today’s actions being wave B of Minor 4 with a C wave up still out there to occur to complete Minor wave 4.

I review the Fibonacci extensions for Minor wave 5 with the probability that it is in progress for both the ES and the NQ. I also review the position of the moving averages should the markets put in another rally to finish Minor wave 4. Otherwise, I will be expecting Minor wave 5 to continue and reach Fibonacci levels as described in tonight’s update.

Tomorrow is the weekly expiration cycle which undoubtedly carries the strong potential for a volatile day.

- 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.