August 15, 2021

Elliott Wave Update – ES – August 15, 2021

Friday’s trade again produced a new all time high at 4463.25.  The session itself was more range bound than trending but the high did provide the termination point for the minutte wave 3 advance I have been counting for over a week.  This then suggests that a minutte wave 4 correction is not underway.  I’m not expecting much in the way of depth on this correction.  First support comes in at 4445 with additional support at 4435.  Either zone could contain the correction and kick off the final 5 wave advances to complete all of the advancing sequences.  The expected minutte wave 5 should “stair step” its way higher with resistance coming at 4467, 4472, 4482, 4487 to 4494 and then 4507 to 4509.  The 4507 level is the first level where minutte 5 would be equal in length to minutte 3 – with first resistance for the Intermediate 5 at 4509 – and minutte 5 resistance at 4507.   An extension of minutte 5 pushes resistance up to 4526 to 4530, which represents at 4526 where minutte 5 would be equal to 1.236 times the length of minutte 3 – or at 4530 which represents where Minor 5 would be equal in length to Minor 3.