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Elliott Wave Update -ES – August 8, 2021

Friday’s trade was on one level very disappointing and on another level very revealing. Today’s update is on the long side as I update the count and present additional Elliott information to the picture.  The ES remains in the process of tracing out a Minor wave 5 advance.  Within Minor wave 5, I have counted as complete minute waves 1 and 2, with wave 3 subdividing twice as shown on today’s update — the process of completing minute wave 3 suggests additional downside with support at 4422 to 4215 containing it before the advance picks up again and runs towards resistance at 4442 to 4454. Once complete I’m looking for a minute wave 4 correction to begin.  Ultimately my expectations for the ES remain for the advance to reach the 4500 to 4600 area before a larger more destructive correction takes over.


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