January 3, 2022

S&P 500 / Elliott Wave Update 1/02/2022 by Michael Filighera

Happy New Year !  Tonight’s update includes a big picture update using the Monthly down to the hourly charts.  I have updated the Elliott count and labeling and discuss in detail the changes and the implications of either on the near term picture.  I also update both the upside and downside scenarios for Monday.  Friday’s trade saw more downside than upside leaving the ES at a 50/50 probability  price point to either move higher or slide lower with more momentum and purpose.  The upside scenario would kick in on a solid break above 4790 to 4795 with the downside scenario kicking in on a solid break below 4750 and then 4734.  The Asian and European markets are closed on Monday the 3rd – leaving directional decision making until the U.S. opens on Monday morning.