April 18, 2022

S&P 500 / Elliott Wave Update 4/17/2022 by Michael Filighera

Thursday’s trade was somewhat opposite from my expectations.  I had felt that a few of the larger players may have had additional longs to get out of and were zeroing on higher strike prices for expiration.  That only carried “true” thru the opening on Friday.  After that it became clearer that traders are more interested in what continues to happen in the bond markets, bringing with it stronger sell pressure on the ES.

I have cleaned up the labeling on the chart to include the completion point for Super Cycle wave 3 and for clarity on the daily chart I include the labeling down to a Minor degree.  Also added Fibonacci extensions for Minor wave 3 and Intermediate wave 3.  Minor wave 3 has potential to drop the ES to 4042 .  Support down to that point comes in at 4327, 4297, 4275 and then 4200 to 4042.

Upside should be limited to second and fourth waves within an ongoing impulse move down.  This being the case I initially would be looking for the 8, 20 and 50 MA for resistance.