• Home
  • /
  • Blog
  • /
  • S&P 500 / Elliott Wave Update 12/09/2021 by Michael Filighera

S&P 500 / Elliott Wave Update 12/09/2021 by Michael Filighera

Thursday’s trade was deceptive and still very volatile. The ES initially pushed higher on the opening reaching 4694 before turning and decline in what I’m viewing as the “C” wave of minute wave 4.  I discuss the formation of the move in more detail within tonight’s update.  The overall pattern remains intact for now.  Support at 4669 was broken with the ES then also breaking below the hourly 50 MA.  Next Fibonacci support comes in at 4643 and then 4640 to 4622.  There is also support at 4604 top 4600 which if reached would still be considered a completion point for the 4th wave correction.  I also detail the “alternate view” tonight and include the break level that would shift the alternate view into preferred status.  For now though I am looking for support to hold and for the ES to turn higher as the Minor 5 wave advance begins.


Tags


You may also like

{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}

Commodity Futures Trading Commission: Futures and Options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. This is neither a solicitation nor an offer to Buy/Sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.

CFTC RULE 4.41 - HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.

Content on this site is for educational and entertainment purposes only. Nothing on this site should be viewed as trading advice.