November 16, 2021

S&P 500 / Elliott Wave Update 11/16/2021 by Michael Filighera

Tuesday’s trade was basically a repeat of several days in the past week.  The ES did break back above 4700 and appeared on its way to a new high above 4711 but was stopped 2 points shy.  I’ve updated the labeling to show the progress of the Minor wave 5 advance still underway.  There may be an adjustment or two as the ES continues to unfold within Minor wave 5 and the biggest change that could be in play would be where I’ve labeled Monday’s globex high as the completion point for minute wave 3.  With the Fibonacci extensions for Minor wave 5 continuing to allow for an eventual high towards 4900 – the minute wave 3 may be subdividing with Monday’s high being the completion of wave 1 of 3, which would then change the 4667 low to wave 2 of 3 and the rally today being part of wave 3 of 3.  I leave that out there as potentially being the case.  The market of course will ultimately let us know.  For now though I am expecting additional upside for tomorrow with a move to 4723 resistance followed by a pullback and then an additional move higher.  Resistance remains at 4723, 4730 to 4736, 4745 to 4757 and then 4762 to 4780. A break below 4667 and the hourly 200 MA at 4662 would likely negate the upside view for now.