Nasdaq 100 & S&P 500 Elliott Wave Update

Nasdaq 100 & S&P 500 Elliott Wave Update – Thursday, Aug 22

Aug 22, 2024Jeremy ParkinsonFinance, No picture0

Image Source: UnsplashThe markets revealed some needed information as to the “flows” and direction. Both the ES and NQ reached new highs for the current sequences. Acceptable resistance was met to complete the sequences up to and including the minute degree in both the preferred and alternate counts.Included in tonight’s update – updated labeling and Fibonacci levels. Discussion on levels broken to the downside which may have started a “risk off” drive within options. Tomorrow’s expiration will have had a pull in direction. Elliott wave points to two structures – an ABC or 5 wave decline. A completed ABC down into Fib support would lend strength for minute 4th waves being complete within ongoing 5 wave structures up — A 5 wave decline coupled with a stronger break lower gives credence to 5 wave structures down being in force. Suggesting minute C waves down within finishing Minor 4th waves is in force and would be expected to travel back to the area of the August 5th lows.Video Length: 00:25:45More By This Author:Nasdaq 100 & S&P 500 Elliott Wave Update – Wednesday, Aug 21Nasdaq 100 & S&P 500 Elliott Wave Update – Tuesday, Aug 20Nasdaq 100 & S&P 500 Elliott Wave Update – Monday, Aug 19