S&P 500 / Elliott Wave Update 09/29/2021 by Michael Filighera

Wednesday's trade was more muted and choppy which presented its own challenges both to the Elliott count and trading.  The Elliott count is pushing a narrative that seemingly is bringing the ES to point of either falling off a cliff via a drop towards 4215 or rally back up to 4408.  Today's trading range produced a box between 4348 and 4373, which on an Elliott basis could be a series of 1st and 2nd waves which if correct should resolve with a "swan dive" to the downside.  On the other side of that is the possibility that the ES if forming a "flat" a-b-c structure that would resolve with a rally towards 4380 to 4400.  I update both scenarios and present Fibonacci extensions for a downside move.  The picture itself should resolve itself tomorrow.  

FREE CRYPTO COURSE under development - go to

Detail oriented trade room showing live markets and teaching proven methods, hosted by a trader with decades of actual real world trading experience.

-----------------------------

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.

[tuanhuynh]

Could we have completed the correction with recent ABC and now we are at the bottom of wave 2 heading up?