S&P 500 & NASDAQ 100 / Elliott Wave Update 5/7/2024 by Michael Filighera

Not much to be adding to current analysis. Both the ES and NQ continued to advance albeit at a slower place. I have update the labeling where I am looking for a pull back in both markets. I also include the Fib retracement levels for the pull back. I am still looking for a continuation of the upside with an eventual move to new highs before the move is complete.
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[@TruthMovementIsCool]

these are the best videos I've come across, all I would ask is that you draw lines/zigzags as wobbling your pointer around saying abc, 123, I can't see what you do. But love it nonetheless.

[@THT1]

Thank you -- I will try to be aware of moving the "pointer" around.

[@generalposter4792]

Thanks. Looking again at ES, seems to be an ABC down since the top, and now we are finishing an ABC up with a C down to come as the weekly MACD turned down 3 weeks ago and is heading down even as we rally daily. A 3-3 5 correction in progress

[@BigErnieBrown]

I would like to see this play out

[@THT1]

Yes, that is a possibility -- a break below 5100 would lean the move towards your view and a break below 5035 would likely confirm it.

[@generalposter4792]

@@THT1 Thank you!

[@wheretheresawheeltheresawa2379]

I agree. Wave B hit the 78.6% retracement today. Looks like wave C just started this afternoon.

[@ThePhilGrimm]

A bullish count would be 1-2, 1-2, 1-2 from the October 22 low.

[@THT1]

A very bullish count - but if in progress would suggest a run up likely past 6000 --

[@ThePhilGrimm]

@@THT1 When Ralph wrote the book the Dollar was still on the Gold Standard and deflation was a real thing. For as long as people believe in fiat as real money, inflation is the problem so an upward trajectory seems the most likely. As a bear, I struggle with all of it. If I were a decent trader I wouldn't look at Elliot at all because it assumes a top will come and the US will go the way of Japan. Money printing and an ever rising debt ceiling suggests otherwise.

[@THT1]

@ThePhilGrimm - Interesting take - I would add to the conversation -- fiat currency IMHO is being replaced by digital currencies and from what I can tell - many central banks are intending to bolster their gold reserves to stabilize and bolster their currencies. I do hear you on the upward trajectory being the most likely outcome.

[@larrysmith2608]

CPI is the 15th. NVDA ER is 16th.

[@brentlorrilliere6057]

NVDA earnings is after market close on May 22.

[@THT1]

@larrysmith2608 - PPI is on the 14th - CPI the 15th, and as Brent mentions NVDA reports on the 22nd.

[@larrysmith2608]

@@THT1 i prefer CPI & PCE. But all important catalyst. Dip is right on time

[@nickgrace5363]

So can be side ways tight range for a few days .

[@THT1]

Yes it could be --

[@qwer01230]

Good video still watching. I think the market crashes this week

[@THT1]

Thank you!