October 15, 2021

S&P 500 / Elliott Wave Update 10/14/2021 by Michael Filighera

Thursday’s trade gave us the directional answer I have been discussing recently.  The ES has rallied thru resistance at 4378, 4397, 4418, and 4430 thus far.  According to the four hour chart the ES has rallied for the last 32 hours.  That’s a solid fill for my order/request for either the buyers or sellers to take control of the trend and sustain it. It was a profitable trading day. I have updated the labeling to reflect a larger Minor wave 2 correction being in force.  Within it I have relabled the high at 4421 as minute wave A with the 4317 low being the completion for minute wave B.  The rally of the low – a “C” wave has completed waves 1 – 3 with a small corrective 4 in play as I make this update.  Support levels are given as well as resistance for the balance of wave “C”.  I also review the situation should the ES move above 4472.