Nasdaq 100 & S&P 500 Elliott Wave Update - Wed, May 22

Technical Analyst & Trader • May 22, 2024 at 7:17 PM EDT

Both the ES and NQ continue to subdivide within an ongoing extended 5 wave structures. NVDA's earnings were solid as expected with the market reacting more to the release of the last FOMC minutes.

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Both the ES and NQ continue to subdivide within an ongoing extended 5 wave structures. NVDA's earnings were solid as expected with the market reacting more to the release of the last FOMC minutes. I've updated the labeling and made small adjustments to the Fibonacci levels. The markets may now move back to focusing on the FED which leans toward economic data again moving to front and center on data releases. Near-term charts continue to suggest additional upside is necessary before the larger more sustained 4th wave corrections kick in.

Video Length: 00:23:20

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