SP500 technical analysis for today November 5th 2021 using Elliott Wave Theory- With the continued move higher we are tracking 2 main counts. First we are looking at completing wave 1 of 5 on the SP500. For this to happen we need to top sooner than later and have a pullback to at least 4500 ES. If we see this then we are likely pulling back in wave 2 setting up for a ride to 5150 ES.

SP500 technical analysis using Elliott Wave Theory is telling us that if we continue to extend in this rally it looks much more like a wave 3 and would target 4717 on the SP500 before seeing a pullback to the 4550 area. In this case we would look for all of wave 3 to top at around 4850 ES.