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S&P 500 / Elliott Wave Update 12/02/2021 by Michael Filighera

Thursday’s trade was also packed with volatility and accelerated moves in both directions.  The ES initially was dragged lower inconjunction with the NQ during the Globex session and the opening of the US session.  Within the opening rounds, the ES sprang to life and leapt higher as several rounds of strong buying moved in.  I’ve updated the labeling which continues to track the development of the initial stages of the larger corrective decline in progress off of the all time high at 4742.  Expectations remain for the ES to continue lower ultimately reaching the 4400 area before the initial leg of the correction is complete.  The internal Elliott count may switch to reflect a “triple” A-B-C decline in progress.  I’ve not made any changes yet and will likely if needed do so after tomorrow’s trade.  For now upside moves should be held below 4600 to maintain the current count, with the ES picking up the downside momentum as a subminute wave 5 down unfolds.  Support remains at 4557, 4530, 4500 to 4595, and then 4400.


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