• Home
  • /
  • S&P 500 / Elliott Wave Update 4/10/2022 by Michael Filighera

S&P 500 / Elliott Wave Update 4/10/2022 by Michael Filighera

Friday’s trade did not pan out as much as I expected considering that Thursday’s low marked the completion point for the Minor wave ‘b’ of Intermediate wave 2. This suggested that the ES would rally as Minor wave ‘c’ of Intermediate 2 began. The ES ended the week closer to Thursday’s low at 4444. Both scenarios then remain in play — however, I believe the ES is at the point where likely during globex the decision will be made as to whether the ES will continue lower picking up volatility and acceleration. Support remains at 4368 and this level remains critical to the near term picture. So for now both the preferred and alternate views remain valid with the market likely making itself clear — an upside break has to be with some power with the ES breaking back above 4500, 4550 and then 4600, without much hesitation or resistance. Downside should be presented in the same fashion in that the ES would be expected to break quickly and decisively towards 4368. Should that level not hold with the ES sliding through it would be very strong in favor of the Intermediate wave 2 being complete and the Intermediate wave 3 decline being in complete control.


Tags


You may also like

{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}

What is your biggest Trade Killer?

Use the Trader Test to find out:

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.