January 17, 2022

S&P 500 / Elliott Wave Update 1/16/2022 by Michael Filighera

Since the U.S. market are closed on Monday in observance of Martin Luther King Day, tonight’s update is more of a review of the large picture down to the daily picture. I have made a small adjustment to the hourly labeling, but overall I review where the ES has come from and what the picture is moving forward.  Giving both the upside potential and limitations as well as the probable path for what appears to be the initial stages of a larger correction now in progress.  Globex is in session for the balance of Sunday into Monday morning.  Again, the US session is closed with Globex reopening tomorrow at 3 PM PST and 6 PM EST.  Due to the expected move I will likely to a quick update of Globex trading on Monday evening.