August 2, 2022

S&P 500 / Elliott Wave Update 8/02/2022 by Michael Filighera

Tonight’s update is on the longer side I hope you will stick with me as I lay out the technical picture. Tuesday’s trade saw the range between low and hi expand a bit, but overall, it ended up being more of an “inside” day. The ES reached session lows early at 4080.50. From that level the buyers returned and again pushed the market back above 4143 and it did look like the ES would continue higher to finish the pattern in progress — that may have happened at 4143 but I’m leaving open the potential for a little bit stronger push that will take the ES above 4150 and up towards 4185 to 4212.

I review both of the “views” for the ES and lay out Fibonacci extensions for both the balance of the C of Minor 2 and within wave “C” I include the Fibonacci extensions for the final wave 5 of “C”. Both ‘views’ that are active right now leave open additional upside before the next down leg takes over. It is this down leg that will give us the information necessary to draw a conclusion as to whether or not the ES will break below 3936 in a Minor 3 wave down — or hold above it and finish an Intermediate wave “B” of the Primary “B” wave.

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