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.
July 21, 2021