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Elliott Wave Update – ES – July 19, 2021

Monday’s trade followed current analysis cleanly today as the ES continued to trace out an Intermediate wave 4 correction.  Within Intermediate wave 4, Minor waves “a” and “b” are complete and within Minor wave “c” waves 1 – 3 are complete with wave 4 nearly so.  As globex begins the markets are continuing to push a bit higher so I need to leave room for wave 4 to continue higher into resistance at 4271 to 4280.  Expectations for now remain for wave “c” of Intermediate wave 4 to finish with an additional decline into a support zone from 4175 to 14190.  Ultimately, I am still looking for a Minor wave 5 advance to carry prices back above 400 and to new highs above 4500 before the larger advancing sequences are complete.

 


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