November 17, 2021

S&P 500 / Elliott Wave Update 11/17/2021 by Michael Filighera

Wednesday’s trade continued to adhere to current analysis.  The ES rallied off the opening reaching resistance at 4696  and appeared to be headed for a move back above 4700 – stopping just short of that level before turning and selling off.  I’ve updated the labeling to reflect the moves.  I am continuing to count a Minor degree 5th wave advance.  Within wave 5, the NQ has completed minute waves 1 thru 4  subdividing within wave 3 as discussed on Tuesday’s update.  The 4th wave may still be in progress with another dip towards the hourly 200 MA at 4668 possible.  Expectations then remain for the minute 5 wave to finish to the upside by breaking above resistance at 4696 and on up to next resistance which is 4706 to 4712.  This level may basically hold =/- a point or two in either direction allowing for a small pullback before the final push to new all time highs. Resistance for minute wave 5 is at 4715 to 4725, 4730 to 4735, and then 4750.