• Home
  • /
  • Blog
  • /
  • S&P 500 / Elliott Wave Update 2/20/2022 by Michael Filighera

S&P 500 / Elliott Wave Update 2/20/2022 by Michael Filighera

Tensions remain high as the U.S. and Western Europe expect a Russian invasion of the Ukraine.  The military build has continued although there remains hope for a diplomatic resolution to be had.  There was a news report that Biden and Putin have agreed to a “summit” and that has produced the 4th wave bounce now underway.  As far as the ES goes, the markets did open lower as Globex started on Sunday.  The NQ reached a low at 4313 and that level looks to have complete subminute wave 3 of minute wave 3, with a subminute wave 4 bounce now underway.  Resistance for the move comes in at 4371 to 4394  but expectations would be for the high of wave 4 to come in below 4400.  Expectations remain for the ES to again drop lower to complete the minute wave 3 before again putting in a minute 4th bounce and a 5th wave decline to complete the Minor wave 3.  Support remains at 4300, 4288, 4250, 4217.  Ultimately the ES continues to have potential for a stronger drop to complete the Minor 3rd wave with support at 4162 to 4100 then coming into play.


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.