Elliott Wave Update – ES – June 8, 2021
Tuesday’s trade saw the ES come within 1.25 points from the existing all time high reaching 4236.75 before bolting lower reaching session lows at 4205. It is possible to consider the small wave 2 correction complete at that low, but as in the NQ the rally off of the low appears best viewed as a 3 wave sequence suggesting it’s wave ‘b’ of 2 and a ‘c’ wave decline is needed to complete the correction . Fibonacci levels are lining up at the 4200 level as being the top candidate to finish the correction. Upside expectations are for the ES to continue higher and actually make new all time highs as the minor wave 5 advance completes the last legs up for the move.