The ES held cleanly to yesterday’s analysis in that the market is now tracing out the expected “b” wave rally. Although we didn’t get the additional low below 4110 the structure thus far continues to adhere to the A-B-C pattern. Within that pattern waves “a” and “b” are complete and wave “c” has reached resistance at 4162. Expectations for tomorrow would be for additional rally to bring prices closer to the 4183 high. There is a resistance zone from 4167 to 4174 that would a good candidate to complete wave “b” and give way to the “c” wave decline back towards the 4110 low. This would then complete the A-B-C correction.
April 22, 2021