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S&P 500 / Elliott Wave Update 11/18/2021 by Michael Filighera

Thursday’s trade supported the current analysis in that count thus far is holding and moving forward.  The ES started off on the choppy side and more on the range bound side.  Once the sellers took control though the market dropped quickly breaking below the 20, 50, and 200 MA’s before the buyers again took control.  The volatility was strong in both directions as “vacuums” or “voids” were created by both buyers and sellers as large orders searched for value.  It also produced a completion point for the minute wave 3 of 5 at 4709.50 and wave 4 of 5 at 4668.  This suggests the ES blasted off of today’s lows in the beginning of wave 5 of 5.  It is subdividing which supports the entire move being more likely to reach 4750.  Thus far the ES is just above 4700 and with tomorrow being a monthly expiration cycle I would suspect the ES will hover close to 4700 +/- for much of the Globex session.  As well as the labeling I have updated the Fibonacci extensions to fill in some of the area between 4711 and 4730 and 4750.  All things remain on the table for now.  The volatility and being in uncharted territory will leave many “voids” in terms of bids or offers being present as larger players move in and out of the market.  Trade smart, use tighter risk management and adhere to your stops.  Keep an eye on the moving averages on the hourly and daily chart and use the Fibonacci levels along with Elliott – combine let it guide your trading.


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