Elliott Wave Update – ES – May 16, 2021

Friday’s trade was again within parameters given within current analysis. The wave 2 or B though, has reached Fibonacci resistance at 4177 twice but has failed to close above that level. If the bounce higher is complete expectations are for the next 5 wave sequence down to begin. This would then be labelled wave 3 or C. Fibonacci support on the wave down begins at 4130, 4100 and then 4075. Additional support comes in at 4050, 4030, 4014 and then 3970.