October 23, 2022

S&P 500 & NASDAQ 100 / Eye of the Storm Podcast 10/23/2022 by Michael Filighera

I am updating an alternate view that has represented itself to me via several subscribers on YouTube as well as other technical analysts. This would be the same for both the ES and NQ. The count as presented tonight suggests that the October 13th complete Intermediate wave 1 of Primary wave C, with both markets now tracing out Intermediate 2nd waves. The implications of this count would suggest coming up next are Intermediate 3rd waves down – which accordingly would still be expected to be the longest and strongest wave within the current 5 wave structure down off of the August highs. I discuss the numbers within today’s update. I also include Fibonacci extensions for Minor wave C of Intermediate wave 2. Upside potential for the ES expands up an additional 100+ points with resistance at 3905 and then 4000, while in the NQ upside potential expands up to 11725 to 112115 and then 12500.

View #1 also remains active at the moment at the rally underway off of the 10/13 lows is being tracked as an Intermediate 4th wave. Therefore, the internal count is the same. However, the NQ can’t break above 11930 or the ES above 3883 as those levels represents the lows for wave 1 of the sequence.

Next week will include additional economic data via each day of the week and earnings reports stacked from Tuesday through Thursday for the tech titans.

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