Elliott Wave Update – ES – April 28, 2021

Wednesday’s trade did not provide much needed information to give a stronger weighting to the preferred or the alternate count. Both continue to carry an equal probability of being the winning ticket. The ES did manage to produce a slight new all time high at 4193.75 and would need to break that high and move up to 4200 to bring the alternate count to the front of the line. I continue to favor moving the end point of the Intermediate wave 3 to current levels unless the ES turns on it’s heels and heads lower with some strength. Either way, the ES appears close to finishing the current rally phase which would set the stage for either the start of an Intermediate wave 4 or the finishing “c” wave of a smaller corrective phase. I am feeling more confident that we will get our answers by Friday or Monday.