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  • Elliott Wave Update – ES – June 24, 2021

Elliott Wave Update – ES – June 24, 2021

Thursday’s trade was profitable for swing traders, day traders and everything in between.  The ES continues to move ahead within the framework of a minute wave 5 advance.  Within wave 5 it appears that sub minute waves 1 and 2 are complete with sub minute wave 3 also subdividing and needing a finishing 5th wave up.  Resistance at 4269 should be expected to hold before a minute wave 4 correction begins.  At this juncture I would not be looking for a “serious” decline within wave 4 – support sits just below at the 4250 area.  Expectations remain for a minute 5th wave advance to reach next resistance at 4286 to 4305 to complete the 5 wave sequences on the minute, minor, Intermediate levels and on the Primary level a wave 3 advance.  The Primary degree 3rd wave advance began in 2008. The expected Primary wave 4 correction carries the potential to return the ES the area of the March 2020 lows over the next year or so.


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