• Home
  • /
  • Blog
  • /
  • Elliott Wave Update – ES – August 23, 2021

Elliott Wave Update – ES – August 23, 2021

Monday’s trade was surprising in that the ES along with the other markets raced higher with the S&P and the NASDAQ pushing to new all time highs early in the U.S. session.  Initially the thought was the markets would be slow to range bound as traders took a wait and see posture towards the FED’s Jackson Hole meetings scheduled this week with the press conference being held on Friday at 10 AM EDT.  I have updated the Elliott labelling to reflect the Minor wave ‘a’ down and the internals for the ‘b’ wave still in progress.  Thus far the larger ‘b’ wave in progress Fibonacci resistance at 4486 before pulling back into the close.  Expectations remain for the “irregular” B wave to continue higher reaching the zone that begins at 4506 to 4507, with stronger resistance to complete the sequence starting at 4520, 4525, and 4532.  There is additional overlap between 4520 to 4532 which continues to give support to these levels being reached and likely completing the move.


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.