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  • S&P 500 / Elliott Wave Update 5/12/2022 by Michael Filighera

S&P 500 / Elliott Wave Update 5/12/2022 by Michael Filighera

Thursday’s trade kept the volatility popping and the trading opportunities flowing.  The ES started the session with a quick look below 3900 reaching a low at 3873 before turning and ripping to session highs at 3962 and again dropping sub 3900 reaching an additional low at 3857 before jamming its way higher reaching 3920 into the bell.

For Friday — beware of expiration.  AAPL sailed back and forth thru 7 strike prices today and I imagine tomorrow may be much of the same.  Volatility everywhere = opportunities everywhere.  For now — leave open the potential for the rally to continue and get up into the hourly 50 MA at 3949 and today’s highs at 3962.  Downside support comes in at 3912, 3889, 3855, 3826 and then 3802 to 3750.  I would be expecting a completion point for the Minor wave 3 and the start of a more sustained Minor wave 4 bounce.


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