Nasdaq 100 & S&P 500 Elliott Wave Update - Thursday, Aug 1

Person Holding Blue and Clear Ballpoint Pen

Image Source: Pexels

Everything seemed to line up quickly this morning with the market shooting to session highs after the release of, I believe it was, the ISM manufacturing PMI. This sent all the indices lower. Breaking support and other data levels produced more of a watershed-type drop. As I explain when we are dealing with a market in motion, we need to remain open to both an upside and downside look without taking an emotional attachment to either one. I adjusted the labeling and went over in detail the "why" I did that. Currently, I have labeled the minute "b" waves of Minor 4th waves complete at this morning's highs. That then suggests that stronger downside action was the start of minute "c" waves. I also update the Fibonacci levels to mark the path for the "c" waves.

Video Length: 00:39:52


More By This Author:

Nasdaq 100 & S&P 500 Elliott Wave Update - Wednesday, July 31
Nasdaq 100 & S&P 500 Elliott Wave Update - Tuesday, July 30
Nasdaq 100 & S&P 500 Elliott Wave Update - Monday, July 29

Disclaimer: Futures and Options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures ...

more
How did you like this article? Let us know so we can better customize your reading experience.

Comments