January 10, 2022

S&P 500 / Elliott Wave Update 1/09/2022 by Michael Filighera

Friday’s trade added to current analysis in that the “C” wave decline continues. Quick recap the ES continues to form a Minor wave 2 correction. Waves ‘a’ and ‘b’ of wave 2 are complete and wave ‘c’ is nearly so. The ES is opening weaker as the Globex session gets started. For Monday the current count allows for additional downside with a move t0 support at 4630 to 4605 likely. The “no break line” comes in at 4520. A break below would begin to leave the high at 4808 in place as the completion of Minor wave 5 instead of wave 1. The result could then carry the ES back to 4378 before a more sustained rally kicks in. Under the current count support at 4630 to 4605 would provide a stronger technical bottom with a spike higher the likely start of Minor wave 3 and conversely should the ES break below 4600 with acceleration and “purpose” the ES opens the door to aim for the Daily 200 MA and flip the count to bearish.

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