May 3, 2022

S&P 500 / Elliott Wave Update 5/03/2022 by Michael Filighera

Tuesday’s trade was “boxy” and quick to flip around. There were plenty of trades to go around making it a profitable day! Not always the easiest trade – trading a smaller account had some close calls in terms of having to take a hit just as the NQ made its turn and went big in your direction. Being saved by the grace of the algorithms.

The ES held between support and resistance all session. On an Elliott basis I’m tracking a small sub minute wave 2 bounce – that looks to have completed waves A and B. This then suggests that we have a C wave rally to contend with. Resistance remains from 4200 to 42385 and as high as 4265. FED results are announced at 2 PM EDT / 11 AM PDT – I intend to be flat as I’m sure there will be “blood” for some. The moves are likely to be quick moves in both direction — Ultimately, I’m not expecting a major rally from here — the larger moves should remain to the downside for now.

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