July 7, 2021

Elliott Wave Update – ES – July 7, 2021

Wednesday’s trade was more active than Tuesday volume wise with the ES continuing the advance and also putting in a new high at 4353.25. The pattern in play at the moment while possibly completing the triple subminute wave 5 which in turn would complete the subsubminute wave 3 does not fit cleanly with a larger break lower occurring early in the session.  I may have to allow it though if the market continues higher in globex producing new highs up towards resistance at 4357 to 4365 to complete the wave 5 and in turn the subsubminute wave 3.  Should this be the case expectations would be for an additional subsubminute wave 4 correction to unfold and bring prices back down towards the 4305 area.  Ultimately, expectations remain for the larger advancing sequences to move higher to completion points in the 4379 to 4400 resistance zone or as high as 4450 to 4500.