June 27, 2022

S&P 500 / Elliott Wave Update 6/26/2022 by Michael Filighera

The ES along with the other indexes have opened a bit lower. Today, I have updated the charts to again reflect the “other” count that also carries a 50% probability of being the active count. That, then, has been updated to reflect again – Intermediate wave 1 and 2 being complete with the ES dropping in an Intermediate wave 3. The entire move will include 5 waves down of Minor degree — the current update would suggest that Minor wave 1 completed at 3639 with the NQ\\ES continuing to rally in a Minor wave 2 countertrend bounce. Resistance levels are included for the balance of upside that appears to be still in the picture.

A break down from here – if the top of Minor wave 2 is in the result would be a steady and sudden downturn that will gain power and strength similar to a tropical storm moving across a warm ocean picking up speed and intensity along the way. If this is the case, I would be looking for the hourly 20, 50, and 200 MAs to surrender quickly to the selling as the ES starts heading for 3639 and below. Ultimately wave 3 should clear 3600 and then also 3550 to 3500 before reaching support to complete.

For tomorrow continue to look for the Minor wave 2 to continue — within Minor 2 the ES has already completed waves A and B and waves 1 -3 of wave C — with a small 4th wave pullback in force now — expectations would be for the small 5th wave to take over and push back above 3950 with resistance at 4000 to 4019.