Thursday’s trade was a complete win/win situation. Expectations were that I was looking for the ES to drop to a new low under 4205 to complete the small wave 2 correction – today’s globex low was 4207. I was then looking for a launch type move off the low to give support and credence to a wave 3 advance being underway – the ES launched upwards reaching the session high at 4249. After the obligatory speed race to the session low at 4218 the ES did manage to produce a more defined channel up. I have updated the labelling on the chart to reflect the completion of wave 2. The ES did manage to produce new all time highs today and should not have too much difficulty in producing several more. Fibonacci extension levels have been added for the balance of wave 3 in progress now. Expect continued quick dives and rallies as the futures roll is underway and tomorrow is a weekly expiration.
June 10, 2021