Elliott Wave Update – April 15, 2021

Thursday’s trade was the direct opposite of Wednesday. The buyers returned with increased persistence. Volumes were also saw an uptick from previous sessions. I’ve made an alteration to the wave count in that I’ve labeled yesterday as all of minor wave 4 with today’s rally putting in a new high at 14034. There remains the potential for today’s trade to be wave b of minor 4 in which case tomorrow’s trade should be basically a copy of Wednesday’s trade. The upside count would suggest that minor 4 is complete and minor wave 5 is within it’s first 5 wave sequence up. The rally thus far has produced 3 waves up, which leaves a small a-b-c decline for wave 4 and an additional wave 5 rally to new highs. Support for the small wave 4 decline should be found at 13975 and down to 13945. A break below 13945 with follow through would be a stronger signal that a decline back to 13772 is underway.