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S&P 500 / Elliott Wave Update 3/03/2022 by Michael Filighera

Thursday’s trade was strong in both directions.  The opening saw the ES climb and reach a high at 4419, which was just below resistance at 4425 to 4444.  The strong decline directly off the high leaves 4419 as the top candidate to have completed the Minor wave 2 bounce.  I have labeled the chart accordingly and again the strong 78 point decline right off the high gives strong support to Minor 2 being complete and Minor wave 3 down now underway. Thus far I believe we remain in the first 5 waves down to form minute wave 1 of Minor 3.  Expectations for Friday would be for the sellers to again take control of the market and begin to decline with stronger acceleration.  Support levels on the way come in at 4341, 4304, 4286, 4233, 4215, 4177 to 4164 Should the ES rally and break above the 8, 20, and 50 MA’s it would suggest the Minor wave 2 correction is not complete and I would then be looking for additional highs above 4419 whether or not that would happen tomorrow.


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