NASDAQ 100 & S&P 500 / Elliott Wave Daily Update 7/11/2024 by Michael Filighera

What a difference a day makes! Yesterday saw a surge in both the NQ and ES, which was followed by an additional new all time highs in both markets after the release of the latest CPI data. The difference being what followed today was a total rejection of the highs. I update the labeling in both markets - and add the Fibonacci retracement levels for the Minor 4th waves. Hopefully MInor wave 4 will continue, I am still waiting for confirmation via a 5 wave decline on the hourly charts.

Friday pre-market @8:30AM EDT PPI in all its glory.

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[utubeway]

I have been following for last 2 years and i think this is one of the under appreciated channel. Look at all the crap Ron Walker is posting and still getting so many views. I hope others also start following you Michael!

[soarersteve]

Thank you Michael, watch you every day, very good quality education, Elliot waver for five years and still learning, much appreciated.

[fabiogarbin]

Thank you for all the work you do for us, hope all is well you. I did miss your update yesterday but no worries family first. thanks again.

[bobknight]

Amazing you missed 1 day in 3 yrs and its at a big top lol! i got loaded on the short side 5625.79 on spx was my target .. market is finished....

[TheLoneWolfOfWallStreet]

I rarely comment but my only feedback is your audio is coming off low. Otherwise enjoy your videos been watching them for 2 years now and surprised how shocked you’ve been right. I remember in 2021 around Oct you said we would go higher. I didn’t believe you and yet here we are

[skschicago]

Great work! Would you see this down in 5 or an abc

[nl]

Michael - When you refer to "They" in your video (like "They decided to bring it down"), who are you referring to?

[danielhoffman]

Given the new high today, 2 possibilities are that yesterday’s low was wave 4 or it’s an expanded flat 4th wave with a low on Monday to exceed yesterday’s low. Problem with counting 5 waves is that not always an impulse as the first 3 could represent wave A, the fourth wave B and the fifth wave C. I thought there was a clear 5 waves down on ES after the PPI but not to be given new high. That’s the problem with Elliott wave. It’s always easier in retrospect to call the count but real time is more difficult as the chart movement is somewhat open to interpretation.

[markfrantzen]

What are the chances this was the all-time high for SPY Michael ie. How confident are you that a higher high will be made, both SPY and NDX?

[JeanRenaultFreeman]

very very good- i think too 16800 area..deeper than this - yes its possible

[tomreach]

Hey man .. can it possible wave 1 2 are on the left side as leading diagonal .. in this case the yesterday drop might be wave 4 that takes the shape of wave 2 .. wave 1 at 20273 high and wave 2 at 19810 futures ..

yes the drop was aggressive .. it is because are were diverging big time on h4 .. so market was resetting things up .. and the drop was not have a double top .. it's almost in one leg .. unless today we retest highs or 50% as wave B then C can go lower

anyways we have divergence daily and h4 clear .. When i see that with a bearish candle daily engulfing .. I know market is preparing for deeper corrections .. just need to rally a bit to form a pattern or wave structure as mentioned B or wave 2 .. so that the drop can be validated

[nl]

Michael, you might want to hide your Account Number for Schwab at the top of the screen. Its not good to show that thousands of people

[shanemoses]

I have at full volume and can barely hear you

[moarbi]

Market recivered so will go higher to wave 5

[JeanRenaultFreeman]

thıs 500-600 points could be the 1of 5 counting of (a)...than b..and than c coming 16800 area..thats the idea