November 9, 2021

S&P 500 / Elliott Wave Update 11/09/2021 by Michael Filighera

Tuesday’s trade caught me off guard somewhat.  The ES initially moved higher on the opening which was quickly rebuked with the sellers taking over and taking the market lower by 28 points.  The intensity of the selling is what caught me off guard – what I missed was TSLA seeing more intense sell pressure show up as indicated by Mr. Musk yesterday.  Nonetheless, the move itself continues to cause me to focus on the larger degree labeling on the advance and decline thus far.  Today, I’m presenting the alternate count which may be moved into preferred status.  The changes are occurring from the Intermediate degree up to Cycle degree.  I review the changes and labeling from the weekly chart on down.  As for the current view – I am continuing to leave open the potential for a last gasp drive higher and upside resistance remains at the same zones which are 4720 to 4740 and then 4760. Should the ES continue lower it would need to begin to accelerate down break below 4660 without much hesitation and head for the hourly 200 MA at 4638.  First stronger support to put a pause in the decline is below at 4585.