• Home
  • /
  • Blog
  • /
  • Elliott Wave Update – ES – August 31, 2021

Elliott Wave Update – ES – August 31, 2021

Tuesday’s trade did see the ES move up to an additional all time high at 4542 during globex.  The decline off the highs did give some support to it completing the irregular “B” wave that I have been discussing and tracking.  I have labeled the charts up to the overnight high, but I am still in need of market confirmation that the “C” wave decline is underway.  If this is the case the decline off the highs could be wave 1 and 2 of “C”.  This then suggests the ES will begin to accelerate lower as wave 3 of “C” unfolds. Remember the expected “C” wave down should be fast and destructive in taking out support and ultimately move below the low of wave “A” at 4346 before completing  The ES would need to break above 4542 to negate the downside for now.  Should that occur resistance remains at 4548, 4555 to 4560 and then 4575 to 4600.


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.