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Elliott Wave Update – ES -June 30, 2021

Wednesday’s trade was slow with low volumes.  This does not offer any changes to the current Elliott counts and labelling.  It does though, give us our first break level on the downside which could if triggered put the top in place.  Current labelling shows the completion of subminute wave 3 at Tuesday’s high at 4291.  Off of that high a subminute wave 4 correction unfolded completing at the globex low of 4269.25.   The suggests the final subminute wave 5 is underway and is subdividing.  The rally should continue with pullbacks being shallow.  Resistance to complete the sequences in progress, (subminute, minute, minor, Intermediate, and Primary degrees) begins at 4301, 4311, 4321 (strong) and 4327 to 4335.  As mentioned pull backs should be shallow until the ES reaching into the resistance zone areas.  Should the market begin to break down it should not break below 4283 before new highs and it can not break below 4270 if new highs are not in place it would negate them and likely put the current high as the completion point(s).  Expectations though, remain for the ES to again move up to new all time highs above 4300 to complete the multiple sequences, (subminute, minute, minor, Intermediate, and Primary) and put in a long term top.  Resistance to complete the moves begins at 4301, 4311, 4321, 4327, and 4335.

 


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