Tuesday’s trade didn’t present any major changes to make to labelling or the current wave counts. The ES continues to move higher reaching an additional new high at 4291 which was just under Fibonacci resistance at 4292. Within the subminute wave 5 which is subdividing it appears that waves 1 – 4 may be complete leaving a finishing push to new highs within the zone from 4300 to 4319. There is light resistance at 4296 that I would believe should yield to the ES reaching 4300. But, it could provide the completion point for the advance. As previously discussed when the larger advance sequences are complete the market should “reject” the high and sell off initially sharply. Shallow pull backs would lend strong support for the advance to continue and push above 4300.
June 29, 2021