• Home
  • /
  • Blog
  • /
  • Elliott Wave Update – ES – August 22, 2021

Elliott Wave Update – ES – August 22, 2021

Friday’s trade was in line with analysis presented last week in that the ES did continue to push to resistance levels consistent with a corrective a-b-c bounce higher.  The Elliott labelling would be either a wave 2 or a ‘b’ wave.  While both remain equal on the probability scale, the market may hold steady and move on perception of what the pundits feel about the outcome of the Jackson Hole FED meetings that will be held on Thursday and Friday.  Friday being the news conference with Chairman Powell.  Back at the ranch the current count remains the same in that the high at 4476.50 did complete all of the advancing sequences up to and including SuperCycle wave 3.  That still puts the ES in the beginning stages of a SuperCycle degree wave 4 and to take it down one degree a Cycle degree wave A and within that a Primary wave A and in turn an Intermediate wave A.  Ok, to the point, the current labelling can also be suggesting 3 waves down off the 4476.50 high are complete which raises the potential for an irregular ‘B’ taking the ES to new all time highs in the zone that just keeps coming up at 4506 to 4525.  Tonights updates covers this potential in greater detail and should it be the case the expected move thereafter.


Tags


You may also like

{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}

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.

Content on this site is for educational and entertainment purposes only. Nothing on this site should be viewed as trading advice.