Elliiott Wave Update – ES – May 27, 2021

The ES made an additional low for the current sequence during the Globes session which looks to have completed the small correction and set the next 5 wave sequence up into motion. Thursday’s trade initial built on the rally – pulled back and then finished the day just below the 4212 high. I would expect the market to move above 4213 when Globes begins this evening. First resistance comes in at 4215 and should that hold I would mark it as the completion point for wave 1 of 5. Expectations would be for a small wave 2 correction. Tomorrow’s trade is very likely to be on the slow side in pre-holiday trade. Monday the markets are closed. I will post the next update on Monday afternoon as Globex reopens.