November 29, 2021

S&P 500 / Elliott Wave Update 11/28/2021 by Michael Filighera

Globex trade on Thursday pulled the ES higher and to the end point for Minor wave 2 at 4717.  This then opened the door for the Minor 3rd wave now underway.  As the new variant “Omicron” takes over the headlines, the market will attempt to deal with the volatility.  Sunday’s Globex opening is proving to be a mad dash to cover “shorts” as Friday’s expiration gets digested with positions being squared on Sunday.  Technically, a bounce should not be a surprise and fits well with the wave structure now underway.  Friday’s low at 4577 looks to have completed minute wave 1 of Minor 3, with the ES now tracing out a wave 2 of 3 bounce.  Resistance at 4631 has already been reached and slightly exceeded with next resistance coming in at 4647 to 4655 and then 4675.  If the current count remains accurate expectations would be for the downside to resume as the ES drops into a 3 of 3 move down.  Acceleration would be likely and expected on a break below 4577.  Additional support is given as well as resistance.