July 22, 2021

Elliott Wave Update – ES – July 22, 2021

Thursday’s trade continued to follow current analysis with the ES moving higher as the Minor wave 3 subdivides its way higher.  Within Minor wave 3 it appears that minute waves 1 and 2 are complete with the market moving higher into and after the close within the framework of a minute wave 3   Within minute wave 3 – subminute waves 1-4 are complete with subminute 5 in progress.  Resistance for minute wave 5 comes in at 4374, 4378 and then 4382 to 4385.50.  The Fibonacci resistance at 4385.50 could be the optimal point for minute wave 3 to complete as it is where wave 3 would be equal in  length to minute wave 1.  However the most common Fibonacci relationship between waves 1 and 3 is wave 3 being 1.382 to 1.618 times the length of wave 1 and those levels come in at 4415 and 4433.   Expectations for tomorrow include the completion of minute wave 3 and the start of a minute 4th wave correction.