August 8, 2022

S&P 500 / Elliott Wave Update 8/08/2022 by Michael Filighera

Monday’s trade again saw the ES initially move higher reaching session highs at 4188 before again seeing the upside be rejected with a strong swing lower over the next 3 hours reaching session lows at 4129.  There aren’t any changes to make to alternate view #1 or alternate view #2.  It is again possible that the NQ finished the countertrend rally in progress since June 16th at today’s 4188 high.  If this is the case, expectations would suggest a quick drop back below 4100 and 4000 to kick off the next leg down.  Again, that would remain the case under both views 1 and 2.

Support and resistance for additional upside and downside moves are included.