Tuesday’s trade in the ES was somewhat in line with expectations but did not move to an additional new high above 4348 before dropping in a 4th wave correction. The Elliott count though has not changed in that I have labelled that high as the completion point for triple sub wave 3 with the triple sub wave 4 correction dropping the market to session lows at 4322.50. The rally off the lows is best viewed as the triple sub wave 5 to complete the sequence and subsubminute wave 3 within the resistance zone from 4360 to 4420. This then suggests we will see another 4th wave correction bring the market lower and likely back into the area of today’s trade. Ultimately I am continuing to look for the advance to move again to new highs within the resistance zone from 4450 to 4520 before all the advancing sequences are complete.
July 6, 2021