August 3, 2021

Elliott Wave Update – ES – August 3, 2021

Tuesday’s trade did clear up the Elliott count for me.  I have changed the labelling back to the preferred count and updated the labelling to reflect today’s activity.  This morning’s decline did break below 4364 which did put in a much cleaner low for the Minor wave 4 correction.  The advance that launched off of that low appears to have completed 5 waves up.  This would be labelled as minute wave 1 of Minor wave 5.  There may be additional upside before any correction begins and at this point I would look for next resistance at 4530 to contain it and give way to a minute wave 2 correction.  At this point I would expect a little bit deeper correction with the potential for a drop below 4400 and possibly as low at 4385 before the advance picks up again.  Those levels are also based on the closing high at 4417 being the completion point for wave 1 of Minor 5.  Expectations remain for the Minor wave 5 advance to push towards new all time highs above 4500 before completing.