July 14, 2021

Elliott Wave Update – ES – July 14, 2021

Wednesday’s trade resembled Tuesday’s very closely.  I am still leaving open if current highs have completed the larger advancing sequences.  The pattern in progress off of yesterday’s 4383.75 high continues to suggest two scenarios – The first being that off of the 4383.75 high the ES has started lower in a 5 wave decline.  If this is the case, waves 1 and 2 are likely complete with wave 3 down underway.  Again, this would suggest the wave 3 will begin to accelerate to the downside breaking support at 4355 to 4349 and again at 4341 to 4335 before finding support to complete at 4327 to 4322 before a wave 4 bounce begins.  The second scenario is very similar in that the ES would be forming an a-b-c correction off of the 4383.75 high.  If this is the case waves A dn B are complete with the market in the beginning stages of the wave C decline.  Support at 4349 could complete the move, but more likely the move would find stronger support at 4335 to 4341 to complete and allow the next advancing sequence to begin.