Elliott Wave Update – ES – May 19, 2021
Wednesday trade was on the choppy side and somewhat more difficult to trade. Initially during the globes session the ES continued to trade lower and looked on its way to complete additional segments of the wave “c” of the Intermediate wave 4 correction I have been tracking off of the all time highs at 4238. Although the ES did not negate the downside count as I saw in the NQ – the market may still have additional upside to put in to complete wave “b” of 4 before dropping lower again in wave “c” of 4. A break above 4130 should clear the path for an extended rally to reach towards 4205 to complete wave “b” of 4. If, the ES turns lower from current levels and break back below 4050 it should clear the path for wave “c” of 4 to continue to support at 3970 before completing.