Elliott Wave Update – ES – June 2, 2021

Wednesday’s trade resembed Tuesday’s trade in that the ES moved to session highs early and dropped quickly to session lows before spending the balance of the session moving higher again.  I have update the labelling to show that the ES is also tracing out a double a-b-c structure to complete minute wave 4.  I’ve left open the completion point for the second wave “c” as there remains potential for a stronger decline to pick up again.  However, I’m leaving that in the alternate position for now and feel more confident that the minute wave 4 correction is complete at today’s low.  This then suggests that minute wave 5 of minor wave 5 of intermediate wave 5 is now underway.  Expectations then would be for the market to break above 4230 without much hesitation and begin to head for new highs above 4238.  I have included Fibonacci extensions which put some parameters on where 5 will find resistance and where completion levels begin to come in.