May 19, 2022

S&P 500 / Elliott Wave Update 5/19/2022 by Michael Filighera

Thursday’s trade was to be expected as the ES finished a quick 5 waves down to launch the minute 3rd wave down — remember the ES remains in the process of tracing out a 3 of 3 of 3 move and is once again putting in another small wave 2 bounce. The caveat here though is the “small” wave 2 — the structure will remain an A-B-C and thus far it appears that waves A and B are complete. If this is the correct labeling a C wave up remains to be completed — Resistance for wave C comes in at 3950, 3957, 3975, 3996 to 4009.

Should the ES fail from here confirmation would be received on a break below 3855 and then again at 3815. Those breaks would support the minute wave 3 is heading lower again. Support to complete the series of 3’s comes in at 3777, 3740, 3643, 3537, 3471, and then 3365 to 3326.

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