Elliott Wave Update – ES – April 27, 2021
Tuesday’s trade provided additional information to support the ES being in the process of finishing the larger Intermediate wave 3. The additional new high during Globex at 4193 does support this view. The market appears to have dropped off the high in a 3 wave decline making it corrective with additional upside still needed to complete the advance — resistance remains at 4194 and then 4203, 4217 and 4224. Once Intermediate wave 3 is complete expectations would be for a deeper corrective Intermediate wave 4 to begin. For Wednesday downside should be limited to 4175 down to 4151 should it occur.