July 1, 2021

Elliott Wave Update – ES – July 1, 2021

Thursday’s trade did give additional information as to the internal wave count for the subminute wave 5 in progress off of Wednesday’s low at 4269.  It appears more certain that subminute wave 5 is also subdividing with sub waves 1 and 2 complete and wave 3 in progress now.  The ES did make an additional new high at 4312 which hit Fibonacci resistance right on the nose into the close today.  At the start of the globex session the ES sits right at that resistance and is likely to move above it to complete wave 3 and set the stage for a small 4th wave correction.  Fibonacci resistance remains at 4321 and this level would be considered a finishing point for the entire sequence – it may be prudent to allow for wave 3 to complete there and after a small 4th wave pullback the 5th wave up would then carry prices up to the next resistance zone at 4329 to 4336 before completing.