• Home
  • /
  • Blog
  • /
  • Elliott Wave Update – ES – August 10, 2021

Elliott Wave Update – ES – August 10, 2021

Tuesday’s trade did provide an additional layer of info and labelling. The ES did manage to pull out a new all time high this morning at 4438.25 just shy of the Fibonacci resistance at 4441.  While this would fulfill the requirements to complete the minute wave 3 I am still very enthusiastic about the structure of the advance.  Which did get me to take a step back and relook at the decline off of the 44433.25 high.  At the moment I have labelled the low at 4412 as the completion point for subminute wave 4, that would make the advance off the low as subminute wave 5 and still needing an additional high to complete the move and minute wave 3.  Stay with me though, as the alternate view suggests that subminute wave 4 is still in progress.  In the video I go into detail on a pattern Elliott noted and it has merit. Should it be the view that is occurring it suggests that today’s high at 4438.25 complete and irregular ‘b’ wave of 4 and wave ‘c’ of 4 is now unfolding.  Again if this is the case I would look for wave ‘c’ to bring the ES back down to support at 4409 to 4404.  Expectations then would remain for a subminute wave 5 up to complete minute wave 3 again in the zone from 4441 to 4464.


Tags


You may also like

{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}

Commodity Futures Trading Commission: Futures and Options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. This is neither a solicitation nor an offer to Buy/Sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.

CFTC RULE 4.41 - HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.

Content on this site is for educational and entertainment purposes only. Nothing on this site should be viewed as trading advice.