Today’s trade provided much needed information as to the near term expectations. I updated the Elliott count by labeling the high at 4183 as the completion point for the Intermediate wave 3. I had left open the potential for the rally to the 4183 high as the first wave up within minor wave 5, however the break below 4113 negated that possibility. This suggests that the correction off of the 4183 high is an Intermediate wave 4. Progress thus far and Fibonacci levels are updated in tonight podcast.
April 21, 2021