November 29, 2021

S&P 500 / Elliott Wave Update 11/29/2021 by Michael Filighera

Monday’s trade was more or less an extension of the buying/short covering that began at Sunday’s Globex opening. I had laid out parameters for a small wave 2 bounce and for the most part the ES did manage to adhere to the “rules”.  The ES is forming a clean a-b-c structure thus far with wave ‘a’ and wave ‘b’ complete and the ‘c’ wave underway off of the globex low at 4620. I appears the the ES needs a bit more upside before I can  count the small wave 2 bounce as complete. to do so. It  can also appear that the NQ and ES have other reasons to continue higher none of which are likely tied to any news or reality. Once again it is the same group of titans in the NQ that are producing the bulk of the upside pressure. For tomorrow then, should the market break with the hourly bar closing above 4717 it would negate the current count as labeled and raise the potential for the ES pushing to new highs above 4740.  For now I would give the benefit of the doubt for the ES to reach resistance at 4676 to complete the ongoing wave 2 correction.   There is also an additional labeling possibility and that is off of the all time highs at 4740 the ES has produced an A-B-C decline to Friday’s low at 4577, which would get labeled as a Minor wave A – the rally still in progress would then be a Minor wave B. Suggesting a Minor wave C decline would be expected once the B wave is complete. Should that be the count – I will fill in the details and support and resistance for the moves.  #technicalanalysis #futurestrading #elliottwave #fibonacci #elliottwaveteaching