July 19, 2021

Elliott Wave Update – ES – July 18, 2021

I’m putting a new format in place for the Sunday update.  This will be a longer update where I will update the longer term counts and work my way down to the hourly.  Tonight I go into more detail as I move down the time frames on where I am putting Fibonacci extensions and for what count.  Currently I am still satisfied with moving the degree higher as explained on Thursday’s update.  The ES remains within an Intermediate wave 4 correction.  While it is possible to count the a-b-c down as nearly complete – the Fibonacci retracement levels for an Intermediate wave 4 suggest a larger decline is unfolding.  Support for an extended move allows for a drop down to the 4250 level or as deep as the 4100 area.  A decline to these areas would not negate an Intermediate wave 5 advance beginning and moving the ES to new highs above 4450.  Also included with tonight’s update how to trade Elliott/Fibonacci and moving averages using a 1, 2 and 5 minute chart. How to find entry and exit levels quickly using moving averages on the 1, 2, and 5 minute charts.