S&P 500 / Elliott Wave Update 5/10/2022 by Michael Filighera

Tuesday's trade was corrective and as I have suggested many times before - I don't like trading corrections.  Mainly because there are so many false starts and sudden bursts higher and lower that just come out of nowhere and return to nowhere just as quickly.  However, I prevailed and managed to have a lucrative and successful day.

The ES caught a burst of upside energy reaching the session high at 4071 at the opening.  Within that first hour the ES did manage to also make the session low at 3953, spending the balance of the session attempting and failing to break to a new high above 4071.  For tomorrow, we need to leave open the potential for another run up towards resistance at 4075 to complete the correction.  Also, I have updated the labeling and returned to a count I had previously, but the subdivisions have cleared themselves up making the count more viable and in tune with the market.  Trade off of the 3953 low is a small 4th wave which may be complete at today's high if not leave open the potential for a retry at reaching 4075.

Downside Fibonacci support has not changed dramatically and continues to suggest the larger 3rd wave is likely to find support to finish in the 3480 area.  Fibonacci support remains at 3972, 3845, 3924, 3873, 3846, 3826, and then 3797 to 3750.

WEBSITES:
Traders Helping Traders - https://tradershelpingtraders.com
Support and Resistance - https://supportandresistance.com
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