June 22, 2021

Elliott Wave Update – ES – June 22, 2021

Tuesday’s trade did reveal enough that the ES was again moving higher in a 5 wave sequence.  This has in turn put the two downside scenarios on the sidelines for now.  Within minute wave 5 it appears that waves 1 and 2 are complete with wave 3 underway.  Wave 3 is also subdividing and that should keep pull backs on the shallow side as the stronger bias remains up with expectations for the ES to reach next resistance at 4252 to 4258.  Ultimately though wave 3 should reach up into the next resistance zone at 4270 to 4285 before pulling back in a 4th wave.  The final high is still expected to be above 4300.  Remember, to continue to trade what is in front of you and use Fibonacci levels along with the moving averages and the Elliott counts to help guide you along the way.