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S&P 500 / Elliott Wave Update 12/21/2021 by Michael Filighera

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Tuesday’s trade finally saw the Santa rally after a early push lower.  I have adjusted the labeling in that the low at 4520 is now the completion point for minute wave 1 of “C” with minute wave 2 of “C” still in progress.  Additional resistance to complete wave 2 comes in at 4654, 4673 to 4685 and then 4700 to 4712.  Wave 2 can retrace nearly 100% of wave 1, but it can not exceed the start point for wave 1 which is 4743.25.  For now the expectation is that resistance under 4700 will contain and complete wave 2 and yield to the star of Minute wave 3. Expectations for wave 3 are for the ES to drop below 4492 and down into support that begins at 4435, 4398, and then 4340 to 4318.

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