August 29, 2021

Elliott Wave Update – ES – August 29, 2021

Friday’s trade was not as enthusiastic or disappointed as I thought after the Fed meeting in Jackson Hole.  Nonetheless, the ES did manage to rally above 4500 and save for one blip below that level held it for the majority of the session.  The Elliott count has not changed, but I have added some labeling to show the progression of the minute wave ‘c’ of Minor wave ‘b’.  Thus far I have labeled subminute waves 1 – 4 as complete which suggests one last rally to new highs would be needed to complete the sequence.  Resistance remains above at 4515 with additional zones above at 4520 to 4535.  I need to add though, the possibility that the rally off of 4462 may end up being wave 1 of subminute 5, which would suggest a much stronger move higher is underway.  Too early to tell which option is in force, so as always I’ll need to wait until the market tells me.