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

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

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.


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.