Elliott Wave Update – ES – May 10, 2021
Monday’s trade moved low enough to negate the current near term count. I’ve updated the count and discuss the implications should last week’s highs completed the minor wave 5 advance and in turn the Intermediate wave 3 advance. This then suggests that the ES is dropping in the beginning stages of an Intermediate wave 4 decline. The initial structure appears to be a 5 wave decline — if this is the case we should see a small bounce followed by an additional low under 4172 to complete wave 3 of 5 – this would then be followed by another 4th wave bounce to complete wave 4 of 5 and then a finishing 5th wave down to complete the initial structure. Fibonacci support levels have been updated and discussed.