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S&P 500 / Elliott Wave Update 1/12/2022 by Michael Filighera

Wednesday’s trade started with a quick pop to 4739 before sliding lower and becoming range bound.  Trading was again solid in both directions. There isn’t anything to add to current analysis.  I discussed the position of the ES with relationship to the current Elliott count and expectations for both the upside and downside potential.  The Upside count remains in focus and I review the possible count and then “no break” levels.  The upside move would need to hold above the “no break” levels and kick it up a few notches to the upside.  It would come in the form of a “3 of 3” move – strong and powerful in direction (up) and points gained. I go over the downside move and what to expect on a break below 4698  and 4687.

Today the ES demanded our full attention and slipping out of the “focus zone” or the “Now” became costly if the directional change was not recognized because of being “derailed” from the “Now” by self produced “noise.” This is when adhering to your rules is paramount to being consistently profitable.  If failure is not an option, then not adhering to your rules is not an option either.  When it does occur though, it is just as important to stop trading, take a break and reassess your emotions, feelings, and thoughts.  Review the rule break and reassess your willingness to return to adhering to your rules.


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