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Elliott Wave Update – ES – July 25, 2021

Friday’s trade produced a race higher under light volume.  Buyers that had large quantities to fill at the market easily pushed the ES up over 40 points making the 4400 level look benign.  I again review the long term charts in preparation of what is coming very shortly.  Taking a 30,000 foot view the ES is staring down the barrel at a SuperCycle wave 4 to begin.  This would remain in the picture no matter if the ES tops at 4500 or 4900 the correction would still be expected to drop prices back to the area of the March 2020 lows initially.  I also have returned to ground level and updated the Elliott count to reflect the current movement.  For Monday, I am still looking for the completion of the internal 3 of 3 sequence and in turn the minute wave 3 and in turn the Minor wave 3.  However, it appears that the internal 3 of 3 movement is also subdividing and raises the potential for the rally to pick up and take the ES to 4415 and above to possibly 4433 to 4440.  In uncharted territory it will become more difficult for large market orders on the buyside to find a Point of Control in which to get filled.  This will make the rally look unbelievably strong and money wise it will be just that.  Oh and BTW that works in both directions – moneywise it can fill your coffers or empty them in a hot minute and I mean that literally.  I updated upside Fibonacci targets as well — expectations for now remain for the upside trend to continue — corrections will likely be shallow.

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