Tuesday’s trade pulled out some additional ‘curve balls’ as the Dow, S&P, NQ, and Russell fell sharply today. In the ES the move negated the count I presented yesterday in that minute wave 5 wave underway having completed wave 1 of 5 and needing to finish up a wave 2 correction — that correction dropped below the starting point of wave 1 and therefore negated the count. I have updated the count to still reflect the last minute wave 5, but the ES needs to hold above today’s low and move higher with greater speed to keep the count alive. As I stated yesterday, if the market starts to drop breaking levels that suggest the highs are in, that I would not have a problem marking yesterday’s 4476.50 high as the completion point for ALL the advancing sequences. That remains a highly probable outcome at this juncture. However, I do want to give the benefit of the doubt to the advance continuing higher as presented. I’ve adjusted the Fibonacci extensions for minute wave 5 which does make a slight difference over what was included on yesterday’s update.
August 17, 2021