Monday’s trade continued to follow current analysis very nicely. The ES did move up to next resistance at 4375 – 4377 over shooting it by a couple of points. This level though looks to have completed a small 3rd wave which suggests the market will now begin another series of 4th and 5th waves. The ES should get up to next resistance at 4387 before the larger 3rd wave is complete and again set up a series of 4th and 5th waves. The market remains in a “stair stepping” fashion as it completes multiple degree 5th waves on a subminute, minute, minor, Intermediate, and Primary degree. The Fibonacci extensions for Minor wave 5 continue to suggest the ES will move above 4400 and 4500 before completing between 4575 and 4670. This is based on the most common Fibonacci relationships between 3rd and 5th waves.
July 12, 2021