August 24, 2021

Elliott Wave Update – ES – August 24, 2021

Tuesday’s trade did produce an additional new high during globex at 4492.  I have labeled it as the completion point for wave 3 of ‘c’ with a small 4th wave correction in progress.  The ES may remain more range bound and time consuming as wave 4 continues to unfold.  Thus far support at 4476 has contained the downside with 4492 holding back rally attempts.  For now I’ll continue to keep support at 4476 and then 4467 as support and levels that could complete wave 4 and the beginning of wave 5 of ‘c’.  Expectations remain for the minute wave ‘c’ of Minor wave ‘b’ to advance into the zone at 4504 to 4507 and 4525 to 4530.  There remains potential for an extended rally to reach higher resistance at 4556 before completing.