May 25, 2022

S&P 500 / Elliott Wave Update 5/24/2022 by Michael Filighera

Tuesday’s trade provided ample profitable moves off the opening with solid volatility to both the upside and downside.  The ES initially slid from 3938 to 3872 in 60 minutes.  High to low there was $3300 worth of short movement to divvy out along the way.  The long side also saw the longs carry some weight with $2650 worth of long movement to divvy out amongst the market.  Outside of that the views shared yesterday for the upside and downside remain the same.

For tomorrow each side has its work cut out to convince which direction will dominate.  The upside and downside break levels also remain the same as previously given and included again on the update.  Support and resistance for both views remain as previously given as well.