August 28, 2022

S&P 500 & NASDAQ 100 / Eye of the Storm Podcast 8/28/2022 by Michael Filighera

Friday’s trade did produce a stronger reaction to Fed Chair Powell’s speech at Jackson Hole. The markets fell quickly and with purpose, which does end up being in line with expectations for several views. Including the labeling I am presenting today. This is courtesy of a YouTube subscriber that the entire Primary B wave completed at the August 16th at 13741, with the Primary C wave decline in force since. This view received support from Friday’s quick slide of over 100 ES points and nearly 600 NQ points.

At the moment both views remain in place, I can’t count either count as being the primary count until a break below 11068 or a rally back above 13000. Now I don’t believe it will take very long for the markets to reveal which path is in force.

I’ve updated the labeling to reflect the stronger decline, (Primary C wave). And I have included Fibonacci extensions to gives us a look into what we can expect to the downside. I also discuss the additional view which is holding to the markets finishing Intermediate wave A of Primary wave B at the 13741 high in the NQ at 4328 in the ES. And also review the Fibonacci retracements and extensions for balance of the Primary B wave still in progress.

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