S&P 500 & NASDAQ 100 / Daily Update 5/29/2024 by Michael Filighera

S&P 500 & NASDAQ 100 continued to consolidate today. I've updated the labeling and the Fibonacci levels to reflect in the ES a continuation of minuet 4 which is a change over yesterday's update -- the NQ on the other hand has not broken below where minuet 4 is marked which leaves in place the current pattern. However, I do show and discuss the potential possibility that the NQ will go the way of the ES tomorrow or overnight. Larger count continues to suggest that what is in process in a minuet 4th wave with much additional upside still to come.
Thursday pre market @8:30 AM EDT - Initial Jobless Claims, GDP (first revision), Advanced US Trade Balance in Goods, Advanced Retail and Wholesale Inventories and @10AM EDT Pending Home Sales.
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Michael Filighera of LogicalSignals.com and TradersHelpingTraders.com is an internationally published technical analyst covering the major indices, bonds, currencies, and commodities. Michael’s history with the financial markets dates back to 1979 on the Pacific Stock Exchange Options trading floor. He has traded in the U.S., U.K. (London Traded Options Market), Netherlands (Amsterdam’s European Options Exchange), and Germany (DTB).
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[@matthew3688]

Hi Michael. Yesterday you counted the move up to 18980 as a five-wave pattern for "1". Today you have labelled it as a three-wave pattern for "b". Does it matter how many waves are in each pattern?