December 9, 2021

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.