Nasdaq 100 & S&P 500 Elliott Wave Update - Wednesday, Oct 23
Today's trade was an excellent example of what happens in a market when the volatility triggers, put walls, and large gamma levels are broken. I've discussed it on several occasions and today we saw the effect in motion as wave after wave of selling brought the indexes down. Both the NQ and ES reached support levels that likely completed the balance of the minute 4th waves I've been tracking. Both markets put in C waves today with the bounces off the lows appearing to be impulsive. However, at this point I do need to add - the need to leave open the potential for one last drop to finish the "c" waves and in turn minute 4th waves. I'm leaving it open, but not holding out for that to happen. I update the labeling on the charts and include the Fibonacci levels for the minute 5th waves.
Video Length: 00:31:14
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