June 22, 2021

Elliott Wave Update – ES – June 21, 2021

Monday’s trade again produced a situation where the ES and NQ were not in total sync.  Initially ES did drop along with the NQ , but soon caught fire as the buyers moved back into the broader market. Elliott labelling remains unchanged for now, but the upside and downside scenarios continue to carry equal probability of being successful in reaching their projected completion points.  Fibonacci levels have been updated for both the upside and downside scenarios.  For now we need to allow the market to tell us where and how it is headed.  The roll and quadruple witching are complete, but “position or window dressing” remains in force and does continue to push the markets with great volatility.