S&P 500 / Elliott Wave Update 09/27/2021 by Michael Filighera

Monday's trade fell in line with last evenings update in that the ES did move up into the resistance zone with 4472 marking the completion of the rebound rally off the 4293 low.  I have adjusted the Elliott labeling and have shifted the Intermediate degree labeling to the ES putting in an Intermediate degree 5 waves down.  I will also be running the "alternate view" which as previously shown suggests that the low at 4293 complete an Intermediate wave "A".  For now though I am labeling that low as the completion point for Intermediate wave 1 and the Globex high at 4472 as the completion point for Intermediate wave 2.  That then suggests that the decline now in progress in an Intermediate wave 3.  Whether it is labeled as a 3rd wave or a "c" wave, the characteristics remain the same. Both would be expected to show more acceleration, contain a 'point of recognition' within wave 3 of 3, and should produce a new low under 4293.  I have included Fibonacci extensions for levels of support for the decline in progress.

----------------------------------------
FREE CRYPTOCURRENCY MEETS ELLIOTT WAVE COURSE:
WEBSITES:
---------------------------------------
Required Disclaimer: 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.