Monday’s trade was slow and cumbersome at times. The ES did continue to its move lower reaching support at 4412 and it did pick up the advance again stopping at 4432, just shy of new highs at 4433.25. The ES did end attempting two additional times to break to new highs and failed twice. The Elliott count remains the same, with no changes to labelling. I have added the subminute wave 4 completion at the 4412 low, but that may change. It all depends on whether the move off 4412 while carrying a more upward bias does not appear bullish to me. This leaves open the potential for the subminute wave 4 to still be unfolding. If this is the case an additional dip back down to support at 4412 is likely. If the market breaks to new highs first it would likely be the subminute wave 5 and if this is the case it does carry the potential for a run to resistance at 4440 to 4442 before the next correction takes over.
August 9, 2021