December 30, 2021

S&P 500 /Elliott Wave Update 12/30/2021 by Michael Filighera

Thursday’s trade didn’t produce any changes to current analysis.  The ES did manage to sneak up to an additional new all time high at 4799.75 before falling back.  The Elliott count remains the same in that a minute 4th wave correction is still in progress.  The internal count suggests the pattern is best viewed as a double A-B-C with today’s decline being all or part of the second wave “C”.  Support remains just below at 4757, 4745 to 4740 and then 4725 to 4711.  Expectations remain for the ES to pick up the advance as the larger Minor 5th wave continues.  Resistance remains at 4800 to 4812, 4854 to 4892 and then 4993.  Tomorrow is the last expiration for 2021 as well as the last trading day of 2021.  Volumes will likely be on the thin side which could produce some stronger periods of volatility.