April 18, 2022

S&P 500 / Elliott Wave Update 4/18/2022 by Michael Filighera

Monday’s trade was an interesting combination of bulls and bears.  Initially the ES opened higher with the buyers pushing the index over 4400 rallying back to the 4405 area after dipping toa low at 4355 during Globex.  I have updated the Elliott count to reflect the end of minute wave 1 of Minor wave 3 at 4355.  That being the case suggests that today’s session put in likely waves A and B of a minute wave 2 bounce.  Wave “C” of 2 remains in progress and while above the 50 MA should find support at 4396, which is Fibonacci support as well as where the hourly 50 and the hourly 8 MA’s are sitting.  Additional upside should find resistance at 4405, 4417, 4426 with this zone being a candidate to hold and complete minute wave 2.  A break above 4426 brings the hourly 200 MA into the picture with its resistance being at 4444.  Ultimately, I am continuing to look for the larger Minor and Intermediate 3rd waves down to continue.