December 8, 2021

S&P 500 / Elliott Wave Update 12/08/2021 by Michael Filighera

Wednesday’s trade was very corrective as the ES moved to trace out a 4th wave correction.  I have updated the chart to reflect the completion of what I’m labeling as minute wave 3 at the globex high at 4712.  From that level the ES began to correct and appears to have completed waves “a” and “b” of 4.  This would suggest that an additional “c” wave decline is needed to complete the minute 4th wave and set the stage for the advance to pick up and continue to new all time highs.  Additional support for the balance of the 4th wave correction remains at 4674 to 4669 and then 4660.  If the ES breaks back above 4712 before declining it should negate the completing decline in favor of the advance being back in force.  Upside resistance should be found at 4712, 4730 to 4741 and then 4769 to 4775.