Monday’s trade did allow and update to current Elliott labelling. I have marked today’s low at the finishing point for the small sub minute wave 4 correction. That suggests that the ES is now moving higher within a sub minute wave 5 which is likely going to also subdivide as seen in waves 1 and 3. I also added Fibonacci extensions for sub minute wave 5 which has provided a larger resistance zone that would be expected to complete the sequences from subminute, minute, minor, Intermediate to Primary levels. The zone itself runs from 4292 to 4301 and then from 4309 to 4322, 4330 to 4338. Pull backs should continue to be shallow for now. A break below 4264 though could negate the upside for now.
June 28, 2021