March 24, 2022

S&P 500 / Elliott Wave Update 3/24/2022 by Michael Filighera

Thursday’s trade was another explosive rally with the ES breaking above 4500 again reaching a high at 4517, which is just over half way up to next Fibonacci resistance at 4523.  I’ve again updated the chart labeling which consists of moving the completion points for wave 3 and 4 of the minute “c” wave.  Expectations have not changed with regard to what comes next.  The higher the markets go creates a steeper cliff from which to fall.  While trading with the market is still the correct move so please don’t attempt to pick a top and go short – it may be a recipe for a disaster to you PnL.  Friday is a weekly expiration and again I’m seeing options players continue to push towards higher strike prices in a continuation of liquidating positions that were carried forward from last weeks monthly expiration.  In any case strong moves in either direction will bring about adjustments that could increase the volatility.  Trade smart – trade with the market and not against it.