July 12, 2021

Elliott Wave Update – ES – July 11, 2021

Friday’s trade gave some much needed support to the current detailed count I have been using as the ES works it way higher to complete fifth waves of subminute, minute, minor, Intermediate and Primary degrees.  I have labelled Thursday’s low as the completion point for subminute wave 4 with subminute wave 5 now underway having completed waves 1 and 2, and possibly 3 of 5.  The process will remain the same in that the market will continue to “stair step” its way higher.  Next Fibonacci resistance remains at 4366 to 4377, but ultimately the entire group of sequences is still expected to bring the ES above 4400 where resistance does get thicker from 4425, 4450, 4470 to 4488. There remains a good probability for a push to 4500  before all is said and done.  Today’s update includes upside and downside break points, as well as Fibonacci extensions being drawn for subminute wave 5, minute wave 5 , minor wave 5, and Intermediate wave 5.