Elliott Wave Update – ES – June 3, 2021

Thursday’s trade while throwing a slight curve ball did hold within parameters for current analysis.  Currently I am counting a ‘c’ wave down as part of a double a-b-c structure to form a minute wave 4 correction.  The market did drop to support at 4165.25 before moving higher again.  Today’s low may have completed the correction and if this is the case expectations would be for the rally off the lows to continue and pick up some steam to the upside.  There may be additional selling first although I would not expect new lows before the advance picks up again.  Fibonacci levels are included for both upside and downside moves.