June 21, 2022

S&P 500 / Elliott Wave Update 6/21/2022 by Michael Filighera

Tuesday’s trade while moving and holding higher levels gave me the feeling of a slow inside day. The ES continues to trace out what I’m looking to label as a “C” wave up within a minute 4th wave correction. Thus far the ES has not reached above the hourly 200 MA -however the small pattern in force at the moment continues to suggest and allows for an additional pump/pop higher – again as the focus narrows to a few select components in the index. Expectations then remain for a minute wave 5 down is still waiting to begin and carry the ES back below 3639 and eventually below 3600 to 3500 before the next bounce comes into the picture.

For tomorrow, allow for a continued rally to reach – first, above the hourly 200 MA and above Fib resistance at3801. Additional Fib resistance comes in at 3822 to 3840.

A break below the hourly 20 MA at 3750 begins to weaken the upside picture, with a break below the 50 MA at 3732 supporting the top of minute wave 4 being “in” and the wave being complete. A break below 3700 should seal the downside deal.

- SINCE 2002 -

NinjaTrader® is a registered trademark of NinjaTrader Group, LLC. No NinjaTrader company has any affiliation with the owner, developer, or provider of the products or services described herein, or any interest, ownership or otherwise, in any such product or service, or endorses, recommends or approves any such product or service.

Commodity Futures Trading Commission: Futures and Options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. This is neither a solicitation nor an offer to Buy/Sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.

CFTC RULE 4.41 - HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.