Elliott Wave Update – ES – May 11, 2021

Tuesday’s trade followed analysis from yesterday fairly cleanly. The ES continued to decline reaching a low at 4103 an hour into the session this morning. This point appears to have completed the initial 5 waves down of the larger A-B-C decline. The 4103 low can be labelled as wave 1 or A. The bounce off the 4103 low can be labelled as all or nearly so of wave 2 or B. I am running the preferred and alternate count concurrently until the market makes clear direction and structure. Under either the preferred or alternate counts the ES would still be expected to put in an additional 5 waves down and that should drop the ES down into support at 4025 to 4000.