May 17, 2022

S&P 500 / The Eye of the Storm Podcast 5/17/2022 by Michael Filighera

Tuesday’s trade was within expectations as the ES continues to trace out a minute wave 2 corrective bounce. The structure remains an A-B-C, where wave A completed at 4042 and wave B at 3979. With wave “C” in progress off the 3979 low. It appears that most of the “C” is complete needing a finishing move and high towards 4132.

Next Fibonacci resistance comes in at 4095 to 4100 and then 4131 to 4172. Being that the ES is within the final stages of wave “C” a turn lower to announce the start of the minute wave 3 and the continuation of the Minor and Intermediate third waves as well. Downside will look and feel convincing. Breaking back below 4000 should not be a problem — eventually support at 3855 is broken and hard support being in place the ES will begin heading for support for Intermediate wave 3 at the 3700 area.

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