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S&P 500 / Elliott Wave Update 2/21/2022 by Michael Filighera

Sunday’s globex session did reach resistance to complete the 2nd series of 4th and 5th waves with subminute wave 4 completing at 4391 and subminute wave 5 now underway.  The markets gapped lower on the globex opening with the ES reaching lower support at the 4250 area before bouncing a bit.  That level remains active for now, but the potential for a continued drop before subminute wave 5 is complete remains strong.  Next support comes in at 4217 and then the zone that may complete the sequence coming at 4196 to 4185.  It is at this level that minute wave 3 would be complete and set the stage for a minute 4th and 5th wave sequence.  Ultimately, the ES is still expected to reach lower levels with support continuing at 4162, 4117, 4107 to 4088 and then 4019 to 3990 to complete the larger Minor wave 3 decline.


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