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S&P 500 / Elliott Wave Update 5/18/2022 by Michael Filighera

Wednesday’s trade was a slow and steady grind lower.  The ES topped at yesterday’s Globex opening with the market dropping without pause today.  The ES finished the session at 3924 and dropped to a low at 3905 after the close.  It looks and feels like the minute 3rd wave is active in larger continuations of the Intermediate 3rd and the Minor 3rd waves.  So basically, we have a 3 of 3 of 3 move in progress.  And the trend is down!

All previous analysis remains valid, all previous support and resistance remains valid.  We may get a few stronger down days before a stronger more sustained bounce takes over.

As I discussed in the update – there remains potential for the ES to once again turn around and rally higher and once again get “gummed” up around the 4095 to 4124 level – a break below 3855 invalidates the upside for now.

Downside support comes in at 3868, 3855, 3815, 3776, 3740, 3643, 3537, 3472, and then 3365 to 3325.  Ultimately, expectations remain for Minor wave 3 to find support to complete at3400 to 3365, with Intermediate wave 3 finding support to complete at 3326 to 3300.


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