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  • Elliott Wave Update – ES – July 21, 2021

Elliott Wave Update – ES – July 21, 2021

Wednesday’s trade what not easy to trade.  Easy to read but the ES didn’t always choose to comply or follow what the balance of the indexes were doing.  So, as a day trader it was difficult.  However, having said that persistence and tenacity led the day and I along with others were able to turn an “ugly” day into a profitable day.  The ES eventually did confirm the current wave count and I’ve added additional labelling to reflect the progress of wave 3 of Intermediate wave 5.  The 3 of 3 move as discussed on yesterday’s update did not start off with much enthusiasm in the way of a thrust higher.  Day trading the ES today was a difficult task to say the least — there were long periods of no follow thru — sudden jerks lower and higher — it was full of surprises both good and bad.  For tomorrow I am expecting the wave 3 of Intermediate wave 5 to continue with resistance at 4362 to 4383 the likely zone to complete wave 3 and set the stage for a small wave 4 correction.  Ultimately I am still expecting Intermediate wave 5 to reach new highs above 4450 to 4500 with first Fibonacci resistance for Intermediate wave 5 coming in at 4507, with the zone extending well above 4550.


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