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S&P 500 / Elliott Wave Update 10/31/2021 by Michael Filighera

Friday’s trade was in line with analysis presented last week.  Several of the heavier weighted tech stocks pushed higher against the “odds” due to Friday’s expiration cycle.  The ES did break and close above 4600 which was a major milestone as a marker for the bull market.  I have updated the labeling – first by removing the “B” wave completion point – second by revising the count to show a developing 5th wave up.  Thus far it appears that within wave 5 waves 1 and 2 are complete with the ES extending higher within the 3rd wave.  The Globex opening on Sunday may have completed this internal 3rd with a small 4th correction in play now.  The pattern continues to suggest an additional rally up into resistance at 4616 to 4620 should be reached with an additional small pull back taking place before a final push up towards 4630 to 4660 takes place to complete the sequence, which remains an Intermediate degree “irregular” B wave.  Ultimately I am still expecting a strong “C” wave decline to begin and take the markets lower.


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