Thursday’s trade in the ES was for the most part “polar opposites” with the NQ. The ES did move down and create a new low below yesterday’s regular session low. Thursday’s trade in the ES was dragged lower by heavier selling outside of the tech sector. Nonetheless, the Elliott labelling hasn’t changed outside of moving the end point for subminute wave 4 to today’s Globex low. The pattern off that low appears to be an “a-b-c” corrective pattern suggesting another leg down should be expected creating new lows uner 4183 before completing. Upside would need to pick up the pace and break above 4228 and head up towards existing all time high at 4258. Who knows maybe tomorrow it will be the ES and YM the buyers swarm into and the NQ gets hit with sellers. But sometimes it can be frustrating when the kids can’t learn to play together in harmony! Keeps the preaching in place where I will continue to trade what is in front of me using my friends Elliott, Fibonacci and MA.
June 18, 2021